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Automotive News & Views United Automobile Workers of America (UAW)
16701 messages, Last post on Nov 20, 2009 at 3:39 AM
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Replying to: lokki (Dec 11, 2008 9:46 am) Also remember that Ford, Chrysler and AMC workers were represented by the UAW, so the companies were all paying the same labor rates and saddled with the same work rules. If anything, the UAW contracts benefited GM (and, to a lesser extent, Ford), because it could spread those costs over more vehicles than its competitors could. |
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Replying to: gagrice (Dec 11, 2008 10:31 am) Why take the anger out of GM alone. The featherbedding UAW workers from them (that plant is closed now I assume) should be helping the company recover from their injury; let them take a cut in their retirement costs, checks and healthcare. Reduce the huge legacy costs that GM has compared to the other B3 and especially compared to the nonunionized plants where workers are employed part time in some cases so they'er easily dumped, er I mean laid off.
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Thanks for the post...now you know why I don't do Chapter 11s... ... But, knowing that companies like Delta and others DID use Ch 11 to void various contracts, I believe that it CAN be done, assuming that a judge approves it... Also realize that even the judge only has so much power, depending on the cash flow of the bankrupt company...if they turn around and file Ch 7 (or convert the 11 to a 7) and liquidate, there really isn't much a judge can do to force them to pay anybody, except to take their assets, sell them, and distribute the funds as the judge sees fit... You just cannot create money where none exists, except if you own the printing press like the Fed...
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Replying to: imidazol97 (Dec 11, 2008 11:17 am) |
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It appears that the courts have the power to do so, but don't do so often. Here are a couple on articles on the point Delphi -Judge tried to get the parties to work a deal http://www.nytimes.com/2006/05/10/business/10delphi.html United Airlines - The Judge did intervene - at least in pay cut for workers http://findarticles.com/p/articles/mi_kmusa/is_200502/ai_n13277327 |
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Replying to: marsha7 (Dec 10, 2008 6:39 pm) As far as the relief of debt question, if a bankrupt auto co. is relieved of it's debt to a supplier that is shared by other auto companies, and that supplier is dragged under as well, how do you see that affecting the industry as a whole?? |
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If ever there has beena time that our Senators are failing us, it is now! I would agree none of us know all there is to know about the reasons the auto makers are in the circumstances they are in. I do know ALL auto makers are having a very hard time, not just the US auto makers. If banks don't loan money, it makes no difference how inexpensive the vehicle is or how much of a discount the car has, it won't sell if no one will finance it! The people who are are the core of all this financial mess, the blame belongs at the feet of dishonest loan brokers who lied to get loans for people who could not afford a house loan. Greed is the very reason behind all of this crap. The oil companies have their share of the blame as well. As just ordinary everyday typical working people we are headed for a Titanic crash if something is not done real soon. Perhaps, this might become far deeper then the depression of 1931. I do not know if the adults of today have what it takes to live without credit cards, and electronic games, eating out, and having "fun". We have been duped into thinking happiness is what really counts. I am afraid a lot of us are about to become very unhappy, and learn what is to skimp and reuse something until it wares out, and yes save up until we have the money to buy what we want. Wow, kinda like the Waltons on TV. These are just my thoughts. farout
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Replying to: gagrice (Dec 11, 2008 8:51 am) I think in that case the bigger issue should be "living on OT". Here, with FIOS going strong in RI, an installer could pull in that kind of money but they'd have to work 10, 12 hrs a day for 6 or 7 days a wk. That's a LOT of OT!!! ANYBODY living a lifestyle based on 50% MORE than their base salary is asking for big trouble.
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Replying to: farout (Dec 11, 2008 3:14 pm)
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Replying to: 62vetteefp (Dec 11, 2008 4:18 pm) Check to make sure yours is FDIC insured. Not all money market accounts are insured. Something about that came out when they were discussing the $700b bailout. Better safe than sad.
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