Day late, dollar short?
The situation is fluid.
Breaking WSJ: UAW Agrees To Slash Retiree Benefits Immediately; Treasury Insisted On Immediate Cuts.
By Bess LevinComments (46)
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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.
A lot of people who retire from a company that later goes bankrupt get way less. Like $0.00!
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.
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.
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?
Didn’t GM, Chrysler and Ford executives make those old nefarious contracts with the unions? Their MBAs and engineering degrees were from where?
Anyone want to dress up in pink on go protest in front of the car dealers out on 11th?
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.
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.
What’s Omaha?
yeah guys ummm…vettes ummm suck shit.
If they had 4 doors and were painted yellow they would be taxi cabs.
this is a joke, let GM and all the other bloodsucking companies fail
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.
@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.
Didn’t they have a “no strikes until 2015″ clause? Which really improves the quality of vehicles on the line.
I live a very comfortable life in Houston. 3500 sq ft, wife, and a Lexis.
All in all, I am very content.
14 15 You’re ignoring the original point, which was that management agreed to all this and therefore don’t blame the union.
Union folk know how to negotiate better than Harvard educated MBAs.
@17, Unions are an easy scapegoat for poor management.
@17 with 17% ownership does not the Union become Management?
Thank god this situation is fluid. Now where is that damn silver bullet, Tim?
@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.
@16 must be a BP North America propane trader.
@22 The most insane and bloated pensions around -> government employees
No, @ 16 is R. Allen “I am not a Ponzi Schemer” Stanford.
@16 is Lexis your wife?
/Louie Veeton
@1, @2: but the UAW are voters … oh the humanity
@16 is Ross Perot
@ 5, my mommy.
@11 – Yeah, the 2009 ZR1 has a terrible HP to cost ratio.
@16 – You are embarrassing our great state.
Person from Dallas
Did @16 say he has a 3500 sq ft wife? Must have married a day girl from Gigi’s Caberet on 290.
Ah, the Equities in Dallas crew has arrived.
Too Short – Didn’t Read
I think her name is aLexis
This person from Houston is an idiot. I weep for the people of Texas.
Ha, an Equities in Dallas joke from someone in Miami.
Shouldn’t you be at da club? Or playing paddle ball with boi’s?
I live in houston.. Cost of living is dirt cheap.. there’s a reason for that.
They have 3500 sq ft women in Houston? Jesus H Christ. I thought Charlotte was bad.
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.
Where are all the Ibankers pensions?
Lexis is spelled Lexus if you are talking about the car. Idiots.
41 These pensions that everyone is getting all excited about have an NPV of around $250,000. Want to give up Ibanking for that?
Pensions are for pussies.
@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.
@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!