Word: unioneers
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...Even trickier for a Democratic Administration is telling hard truths to the union. On that score, Obama's toughness has gained him some street cred in business circles - even drawing faint praise from a Wall Street Journal editorial. The task force has made it clear that GM can't afford the renegotiated wage-and-benefits package the UAW agreed to in 2007. Even using GM's best-case scenario, the company projected a negative net cash flow of $14.5 billion over the next six years. Most of that deficit can be accounted for in retiree health and pension benefits - which...
...White House's auto-task-force working group is headed by Steve Rattner, a former reporter who was head of the private-equity firm Quadrangle Group, and Ron Bloom, an investment banker who previously worked for the United Steelworkers union. Staffed by about 15 restructuring and other experts, the task force aims to do two things in the weeks ahead. First, it will try to close the deal on Chrysler's sale to Fiat. Sources familiar with the task force's approach describe Chrysler as "hollowed out" by a succession of owners and largely worthless, with no quality brands other...
...Understandably, neither the union nor the bondholders are happy about the task force's approach. The UAW feels particularly aggrieved because it has agreed to an unending series of givebacks over the past 20 years. Even before this latest crisis, the UAW had assented to the 2007 contract, which would have put Detroit's labor cost per car within a couple of hundred dollars of Toyota's and the other transplants'. That isn't enough, in the view of the task force, because consumers are willing to pay more for the foreign badges, and the Detroit Three need to earn...
...little, too late. Several of Wagoner’s classmates, however, called his forced departure a unjustified political sacrifice to appease growing public dissatisfaction with big business. They pointed to GM’s success in expanding global market share and negotiating contracts with the powerful United Auto Workers union as evidence of the progress the former CEO had achieved. The blame, they said, falls largely on the crippling worldwide economic decline that has hobbled GM’s plans to reinvent itself. “He was well on his way to being a folk hero...
...such sentiment is likely to fall on deaf ears in host countries, where unskilled foreign laborers not long ago were welcomed as useful contributors to economic development. The Malaysian Trade Union Congress (MTUC) once campaigned for the protection of migrants' rights. But now they too are sounding alarm bells about the threat illegal workers pose to ordinary wage-earning Malaysians. "Many remain in the country," says Rajasegaran Gopal, the MTUC's secretary general. "We have a foreign worker time bomb ticking away...