Word: unionizers
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Dates: during 2000-2009
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...Bloom argued Fiat's case, Chrysler's case and ultimately the UAW's case. Gangly and soft-spoken, Rattner's co-chairman is passionately pro-union - an unusual trait among investment bankers. He helped guide the steelworkers' union through the collapse and restructuring of its industry, and this time he came to the aid of Chrysler's workforce. Gene Sperling, a veteran of the Clinton Administration, added his weight to Bloom's, speaking movingly of the human devastation that would follow should Chrysler collapse at such a weak moment for the overall economy...
...notorious "jobs bank" - which paid laid-off autoworkers for doing nothing - clearly the UAW's once heavenly bed has lost much of its fluff. What remains is the VEBA, the multibillion-dollar trust fund designed to protect a key element of the membership's fabled retirement benefits - which the union refers to as deferred wages. As in the Chrysler deal, the UAW agreed to trade a chunk of the cash GM owed the VEBA for 17.5% equity in the company and other considerations. (Read about Detroit's efforts to reinvent itself...
...Some lenders have been galled to see the Democratic Administration, whose party receives millions from the UAW each election cycle, giving a sweeter deal to the union than was offered them. Task-force members counter that other unsecured claims have received even better deals than the union's. Warranties, for example, have been 100% guaranteed - no haircut at all. "We're trying to avoid liquidation, and so these claims have to be classified according to their importance to the future viability of the company," a task-force official explained. "Obviously you can't sell cars without warranties...
...located in Germany, Berlin has effectively grabbed control of efforts to save GM's Opel and Vauxhall operations, which GM's board in Detroit this week centralized under Opel's control. But Belgium and the U.K. are no longer willing to just follow Berlin's lead. Politicians and union leaders there fear that Chancellor Angela Merkel, facing re-election in September, is preparing a deal that would save GM jobs in Germany at the expense of plants in their countries. (See 10 milestones on the road to GM's bankruptcy...
...country solution for a truly European-based company seems not in line with the idea of a European Union and its legislation," Belgian Prime Minister Herman van Rompuy wrote in a letter to the European Commission this week. He is worried about the fate of 2,600 workers at an Opel plant in Antwerp, which is slated for closure under some of the rescue plans under consideration...