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OK, I Might Be Wrong About Obama Trying To Break The UAW

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MannyGoldstein Donating Member (1000+ posts) Send PM | Profile | Ignore Sat May-02-09 09:08 AM
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OK, I Might Be Wrong About Obama Trying To Break The UAW
The bankers got a nice lunch at the White House and trillions under "heads you win, tails we lose" rules.

The automakers got a few tens of billions, finger-wagging, and a launch into bankruptcy.

I figured the big difference was that the Administration was trying to smash the UAW. Turns out that the UAW is making out very well on the Chrysler reorganization:

Union Takes Rare Front Seat in Deal for Chrysler

DETROIT Labor unions usually dread bankruptcy, and for good reason. Their pay, benefits and pensions typically suffer significant cuts, as airline and steel workers can attest.

But for the United Automobile Workers union, Chryslers Chapter 11 case, which began in New York on Friday, could turn out to be if the company survives and thrives the Cadillac of bankruptcies.

The U.A.W., for example, has received upfront protection from the Treasury Department for its pension plan and the fund that will take over responsibility for retiree medical benefits.

Moreover, that fund, called the voluntary employee beneficiary association, or VEBA, will control 55 percent of the equity in the new Chrysler once it emerges from bankruptcy, and hold a seat on the Chrysler board.

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Name removed Donating Member (0 posts) Send PM | Profile | Ignore Sat May-02-09 09:13 AM
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LiberalFighter Donating Member (1000+ posts) Send PM | Profile | Ignore Sat May-02-09 01:04 PM
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2. It would had been suicide for the administration to attempt to break the UAW.
Doing so would had brought the wrath of the other unions and their retirees down on them.
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SpartanDem Donating Member (1000+ posts) Send PM | Profile | Ignore Sat May-02-09 01:43 PM
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3. Obama could've kissed 2012 good bye if had did that
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scarletwoman Donating Member (1000+ posts) Send PM | Profile | Ignore Sat May-02-09 02:15 PM
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4. You might want to take a closer look -- please check out this other OP:
The Chrysler deal sucks, for the workers & the retirees. It's not "ownership".

UAW’s Chrysler Equity Is Small Comfort as Union’s Power Wanes

"the union’s retiree health-care fund had accepted a 55 percent stake in Chrysler in return for cutting in half the automaker’s $10.6 billion cash obligation to the fund...Its Chrysler equity could turn out to be worthless, leaving retirees with curtailed health insurance"

So the shares in the company (which the rank & file don't see) cost the rank & file $5.3 billion in health care. Man, what a deal.


"While the UAW gained representation on the Chrysler board through the agreement, its power will be limited because shares owned by the trust fund will be voted by INDEPENDENT TRUSTEES"

The UAW (bureaucrats) get a seat on the board (but not a majority of seats on the board representative of their shares) - and even the bureaucrats (who have to be at least somewhat responsive to the rank & file) don't vote the shares UAW supposedly "owns"? WTF? Where's the "win" here?

(Please go the link and read the rest.)


sw


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democrattotheend Donating Member (1000+ posts) Send PM | Profile | Ignore Tue May-05-09 10:39 PM
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5. I felt better after reading that article
Although I had faith before that this White House would not sell the autoworkers out. Can you imagine if McCain had been president? The UAW would get totally screwed.
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