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The UAW and Domestic Automakers
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Comments
When I read this story, I was literally jumping up and down at my oncologist's office because someone finally printed what I have been saying for years about old line pension plans. Anyone covered by a pension plan (and that includes you government employees) better pay attention. The house of cards is starting to fall and there's not much anybody can do to stop it.
Rocky, I hate to be so harsh, but your grandfather may have to adjust. He'll just have to.
Remember you will never get rich "working for the man" you need to be the man.
Please read up on what "stock option" is. The actual cash cost of stock option to the company itself is zero! It's to be paid by future investors who care to bid up the stock price. Now if the union is willing to take stock options in trade for all its benefits and retirement packages, I'd have no problem with that at all. The problem with union contract is the complete lack of performance link.
I'd figure you'd be upset since you and I would of had to front the bill since the tax payers would of had to pay for it.
huh? since when do taxpayers pay for stock options? Tax payers are under no obligation to pay union obligation either.
You have no clue who Ludwig von Mises was, or what he wrote . . . so quit pretending.
Interesting take on someone who you just accused of being lacking morale or layalty only a couple posts back.
Most suits don't have golden parachute. . . in fact, the overwhelming majority of suits don't.
Not sure how many layers of managers have their rides. I thought GM is / has been laying off white collars left and right, with no buy-out offers. Even Wagoner's pay is very very low considering the number of employees and the amount of revenue he oversees (and his talent, IMHO). . . and had to take half-pay on top of that.
Find a productive job? just like everyone else? Guillotine is only a possibility if he follows Fintail into some kind of bloody revolution.
GM, can and should fully fund it's obligations. They have wasted billions in buisness deals that otherwise could of went to their pension obligations.
We have been through this several times a couple months ago. If not for the successful investments, GM would have run out of money long time ago, and wouldn't have the money to buy out your gradfather's contract. The thing about investments is that, some are winners and some are losers, you simply can not decide ahead of time . . . darn, don't we all wish we only keep the wins and never pay up for the losses? ;-)
General Motors, like GE, made choices.
That I actually agree. GM should have extricated itself from extravegant union obligations long time ago like GE did.
Nobody is suggesting he has to work. Where is his savings? Where is his family? If his family is not willing to support him, why should the rest of us be drafted into slave labor to support him?
CEO's are paid millions a yr. in salary and if they can't work it all out then they should get the guillotine.
And the size of the applicant pool would be?
I don't understand why it's so hard to turn-around a company like GM.
At least you are honest on this one :-)