The United Auto Workers (UAW) to own 39% of GM.

Discussion in 'Politics' started by Ps104_33, Apr 29, 2009.

  1. Ps104_33

    Ps104_33
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    Call it a bailout or restructuring. What you're seeing is not a new beginning for the homegrown auto sector. It's the culmination of a decades-old, dishonestly peddled auto policy.

    The two parties that turned the Big Three into a perennially limping freak of unwritten industrial policy now will take formal ownership of their handiwork. The United Auto Workers (UAW) would own 39% of GM. The federal government would own 50%. The creditors will be shafted with just 10%. (In the Chrysler plan being discussed, labor would own 55%, making it effectively a subsidiary of the UAW.)

    The day after any such settlement is finalized, the clock will start ticking down to the next collective-bargaining session between a monopoly UAW and what remains of the Big Three -- though now the UAW would be sitting on both sides of the table.


    This should be interesting. Cant wait to see what kind of piece of junk car comes out of this fiasco.
    Well, now the government and the union will see just how difficult it is to turn a profit these days and at the same time make a quality product. I have been in the manufacturing business for over 30 years and believe me I know what I am talking about. Remember the Yugo? Get rid of your GM stock now if you are dumb enough to still have some.

    http://online.wsj.com/article/SB124096698307566437.html#mod=djemEditorialPage
     
    #1 Ps104_33, Apr 29, 2009
    Last edited by a moderator: Apr 29, 2009
  2. EdSutton

    EdSutton
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    Way I got this figured up (using the 'old math' of course), 50% + 39% + 10% = 99%!

    Guess that will mean 'creating' out of thin air, billions of shares of stock, I would assume.

    Guess what? That leaves the actual stockholders, with their multi-millions of current shares with a whopping 1% of GM, which don't amount to ____!

    If I were to print that actual four-letter word, I would probably be banned from the BB, so I will not, for that reason.

    But I will assume that the average BB reader can figure it out. :rolleyes:

    This just shows the complete idiocy of what is going on, IMO. Kill the Pontiac, and other lines, which actually can make some money, and bring on the Volt, which is projected to be a money loser, for far into the future. But it's a 'green' vehicle, provided you do not count the additional coal that will be burned, to power the generators (since we can't have any nuclear plants), for there are not enough places to put enough 'wind-turbines' to begin to come close to powering all these (hoped for and hyped up) vehicles. :rolleyes:

    Ed
     
  3. OldRegular

    OldRegular
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    I don't worry about the UAW as much as I do our rapidly developing Fascist government under obama, the gifted one.
     

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