Day late, dollar short?
The situation is fluid.
Breaking WSJ: UAW Agrees To Slash Retiree Benefits Immediately; Treasury Insisted On Immediate Cuts.
Posted by Equity Private, May 26, 2009, 2:23pm
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Posted by guest , May 26, 2009 2:37PM
The value of my labor will never be worth that of a UAW retiree. Remember the 'good ole days', and welcome to our world, auto workers. I am not happy to see you here, but my husband was a Teamster, and deregulation put him on the street, after 31 years of service, perfect attendance and no accidents, he gets $810 per month from his local in the IBT. You don't have it half bad.
Posted by EvilBuzzard , May 26, 2009 2:40PM
A lot of people who retire from a company that later goes bankrupt get way less. Like $0.00!
Posted by guest , May 26, 2009 2:44PM
WSJ saying Taxpayers will get 70% of the company, in exchange for "massive" continuing aid.
In other news, this weekend, I stopped by a GMC/ Pontiac/ Cadillac dealer and couldn't find a single car that I actually liked. Even if it was given to me free.
So I'm kind of pissed that my tax dollars are going to work supporting this pig.
Posted by guest , May 26, 2009 2:48PM
So #3 go to your Chevy dealer and get a Corvette! I like their cars but I own two cars already and intend to keep them a long time.
Posted by guest , May 26, 2009 2:52PM
Wow I read 1 and got confused...thought maybe I messed up alt-tabbing and was still on salon.com
Where did you come from sweetheart?
Posted by guest , May 26, 2009 2:56PM
Didn't GM, Chrysler and Ford executives make those old nefarious contracts with the unions? Their MBAs and engineering degrees were from where?
Posted by wcburrs87 , May 26, 2009 2:57PM
Anyone want to dress up in pink on go protest in front of the car dealers out on 11th?
Posted by guest , May 26, 2009 2:59PM
6 They did. It was a form of deferred comp - rather than grant pay raises they gave away super retirement benfits. And now its time to pay the piper. And the people howling here are the same ones livid over their own deferred comp arrangements being gored as a result of the bankruptcy of their firms.
Posted by guest , May 26, 2009 3:03PM
All 3 bigshot natural gas traders in Omaha drive Corvettes because they hold their value and Corvette insurance in Omaha is like 50 bucks a month or something ridiculous like that.
Posted by guest , May 26, 2009 3:08PM
What's Omaha?
Posted by guest , May 26, 2009 3:12PM
yeah guys ummm...vettes ummm suck shit.
If they had 4 doors and were painted yellow they would be taxi cabs.
Posted by guest , May 26, 2009 3:13PM
this is a joke, let GM and all the other bloodsucking companies fail
Posted by wcburrs87 , May 26, 2009 3:16PM
This is not true. WSJ has it wrong. The benefits will be linked to a weighted average of the credit ratings of the major automakers.
Posted by guest , May 26, 2009 3:19PM
@8: Since when is $30/hour for manual labor requiring of "raises"? The only reason wage levels got to that point (when manufacturing in the U.S. was moving to Mexico and then offshore) was the cudgel of the union. So they jacked up the cost of their own constituency, and now it is THEY who are howling. GM had a choice in the 'good old days' - workers at $30/hour + a promise in the future, or workers at $50/hour and never making a profit.
Posted by guest , May 26, 2009 3:27PM
Didn't they have a "no strikes until 2015" clause? Which really improves the quality of vehicles on the line.
Posted by guest , May 26, 2009 3:30PM
I live a very comfortable life in Houston. 3500 sq ft, wife, and a Lexis.
All in all, I am very content.
Posted by guest , May 26, 2009 3:30PM
14 15 You're ignoring the original point, which was that management agreed to all this and therefore don't blame the union.
Posted by guest , May 26, 2009 3:32PM
Union folk know how to negotiate better than Harvard educated MBAs.
Posted by wcburrs87 , May 26, 2009 3:32PM
@17, Unions are an easy scapegoat for poor management.
Posted by guest , May 26, 2009 3:33PM
@17 with 17% ownership does not the Union become Management?
Posted by guest , May 26, 2009 3:34PM
Thank god this situation is fluid. Now where is that damn silver bullet, Tim?
Posted by Tax Chick , May 26, 2009 3:34PM
@8 - I think many bankers here were upset at the prospect of having their entire bonus clawed back (99% tax bill proposed by the House) after having been paid it (and presumably spent a considerable amount of it), not at the prospect of having their retirement benefits cut (that the stockmarket did without any government involvement).
I fail to see how retroactive taxation and the reduction of retirement benefits are the same.
Posted by guest , May 26, 2009 3:34PM
@16 must be a BP North America propane trader.
Posted by guest , May 26, 2009 3:39PM
@22 The most insane and bloated pensions around -> government employees <- and the only thing they can assemble is a retirement party.
Posted by guest , May 26, 2009 3:43PM
No, @ 16 is R. Allen "I am not a Ponzi Schemer" Stanford.
Posted by merkin capital partners , May 26, 2009 3:50PM
@16 is Lexis your wife?
/Louie Veeton
Posted by guest , May 26, 2009 3:51PM
@1, @2: but the UAW are voters ... oh the humanity
Posted by Tax Chick , May 26, 2009 3:51PM
@16 is Ross Perot
Posted by guest , May 26, 2009 3:54PM
@ 5, my mommy.
Posted by guest , May 26, 2009 3:54PM
@11 - Yeah, the 2009 ZR1 has a terrible HP to cost ratio.
Posted by guest , May 26, 2009 3:55PM
@16 - You are embarrassing our great state.
Person from Dallas
Posted by guest , May 26, 2009 4:03PM
Did @16 say he has a 3500 sq ft wife? Must have married a day girl from Gigi's Caberet on 290.
Posted by miami , May 26, 2009 4:11PM
Ah, the Equities in Dallas crew has arrived.
Posted by guest , May 26, 2009 4:16PM
Too Short - Didn't Read
Posted by guest , May 26, 2009 4:17PM
I think her name is aLexis
Posted by guest , May 26, 2009 4:29PM
This person from Houston is an idiot. I weep for the people of Texas.
Posted by merkin capital partners , May 26, 2009 4:31PM
Ha, an Equities in Dallas joke from someone in Miami.
Shouldn't you be at da club? Or playing paddle ball with boi's?
Posted by guest , May 26, 2009 4:38PM
I live in houston.. Cost of living is dirt cheap.. there's a reason for that.
Posted by guest , May 26, 2009 4:40PM
They have 3500 sq ft women in Houston? Jesus H Christ. I thought Charlotte was bad.
Posted by Uptown Blumpkin , May 26, 2009 4:48PM
The Lexis/Houston bit is from Above the Law. guest beat it to death on that site, so I guess it's been imported to DB.
Posted by Anal_yst , May 26, 2009 4:58PM
Where are all the Ibankers pensions?
Posted by guest , May 26, 2009 4:59PM
Lexis is spelled Lexus if you are talking about the car. Idiots.
Posted by guest , May 26, 2009 5:03PM
41 These pensions that everyone is getting all excited about have an NPV of around $250,000. Want to give up Ibanking for that?
Posted by guest , May 26, 2009 5:08PM
Pensions are for pussies.
Posted by Anal_yst , May 26, 2009 5:30PM
@43
It was a joke, firstly, and secondly, if I didn't have an expensive education, one which I'll be further advancing shortly (and at relatively great expense), never ever had to work more than 35 hours/week with insane benefits for my entire family until I die, etc, etc ad nauseum, then sure.
Posted by EvilBuzzard , May 27, 2009 12:04PM
@27 - I wish I could join the UAW and be considered humanity as well. Then again, I wouldn't join any club that would be dumb enough to have me!