Word: uaw
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...cash reserves in place as of Sept. 30. Buried in the same voluminous report is a note indicating that GM has tucked away another $13.5 billion, in trust, to pay for health care for current and future blue-collar retirees covered by labor contracts with the United Auto Workers (UAW...
...unusual nature of the trusts is likely to become a factor in Round 2 of the Big Three appeal for federal aid and could potentially present a conundrum for President-elect Obama. When retiree health care was just a deal between the automakers and the UAW, they decided who would get retirement-health-care benefits and who wouldn't. But now that taxpayers may be asked to finance the automakers' survival, the future funding of the trusts becomes a public issue. As one Detroit insider notes, "On the one hand, [Obama] doesn't want to take health care away from...
...None of this can happen without the cooperation of the UAW, which is probably feeling better knowing that Obama is on his way to Washington. Although it hasn't shown its hand, the UAW may try to mitigate job losses in the U.S. by pushing GM and Ford to build fewer vehicles in Mexico, according to Sean McAlinden, chief economist at CAR. Obama might be sympathetic to that argument; he said during the campaign that NAFTA needed to be re-examined. The carrot for GM is that any new workers it hires in the U.S. will make...
...nerger talk has made labor suspicious. A spokesman for the UAW declined to comment on the merger but one told TIME neither company has approached the UAW. "No one has talked to us about it," said the official who asked not to be identified. "I don't see what we get out of it. We're both way too dependent on trucks and sport utility vehicles," noted the union official who represents Chrysler workers at a plant near Detroit. There are fears that a merger would simply be a way to reduce the workforce. Chrysler has eliminated 22,000 jobs...
...that years of salacious headlines about a young black man in power will bleed into voters' views of his own groundbreaking candidacy. "Michigan is really close. He has to go if we're going to have any chance at winning over the folks in Macomb County," said one senior UAW official, who asked not to be identified...