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The union only owned 17% of GM before the recent public stock sale and the government owned 61% (which is now down to 37%). Of course it's going to take the union less time to recoup the money owed to their VEBA trust than it will take the government to recoup their money. They can't dump all their stock at one time and have it hold its price.
Union bashers seems to want to ignore the fact that GM owed the union a large sum of money from a binding contract/trust set up 3 years before the bankruptcy, a contract/trust that they all but shoved down the throats of the GM workers in exchange for the union taking over paying for health care. Because of that contract the UAW became a creditor just like the banks and jobbers and the bankruptcy courts recognized that even if some C-D posts don't. Their situation was unique from other worker interests that had ever gone through bankruptcy because of that trust. The UAW "isn't whistling all the way to the bank" over the recent sale. Their VEBA trust is still grossly underfunded and out of pocket insurance costs for individual workers have gone up. No one is "whistling" or sighing in relief that the worse is possibly behind them.
And by the way, that opinion piece in the OP article is just that. An opinion. Many economists think the government will end up making money off their investment in GM.
Union bashers seems to want to ignore the fact that GM owed the union a large sum of money from a binding contract/trust set up 3 years before the bankruptcy, a contract/trust that they all but shoved down the throats of the GM workers in exchange for the union taking over paying for health care. Because of that contract the UAW became a creditor just like the banks and jobbers and the bankruptcy courts recognized that even if some C-D posts don't.
Right, but they (the union) were only one creditor in a long line, yet they received preferential status that the original investors did not. How is that even remotely fair? And everything goes on the table during restructuring, including binding contracts, do they not?
The original stockholders were screwed to the wall by this administration, and the taxpayers will take years to recoup their investment if they ever do so,....but the labor unions are free to do as they please and are whistling to the bank with their loot.
Gotta love this anti-business, pro-labor administration.
I can't believe that, in this day and age, even rightwingers are clueless enough to think that labor unions "are whistling to the bank".
The anti union sentiment stoked by corporatist owned and controlled mouthpieces like the Washington Times and FOX News have a vested financial interest in destroying labor unions and the middle class. Unions today have little leverage and that control continues to shrink.
And I am SO happy that GM is making a comeback!
I'm reminded how anti-American the rightwing has become when they attack both GM and the federal government for keeping manufacturing jobs alive in this country.
Your blind allegiance to corporate America makes you not only wish for the failure of an American institution and thousands of manufacturing jobs but you also turn a blind eye to corporate abuses and outsourcing to attack an American company that employs Americans.
So you follow the instructions given to you on FOX or by Rush Limbaugh and attack GM for attempting to make a comeback with government help.
So far, I've heard not a peep from rightwingers about the money the government MADE when Chrysler paid back money that Carter loaned them, only to be squandered by the excessive spending of Reagan.
Reagan would be beaten by Bush in ramping up excessive spending and the national debt. Not a word from the wingers about this.
Thats why it is further proof that conservatives hope for the failure of America and the disappearance of American jobs.
I'm reminded how anti-American the rightwing has become when they attack both GM and the federal government for keeping manufacturing jobs alive in this country.
And you have done a great job of reminding me what one of the most obvious reasons for the high price of automobiles is today. Thirty years ago I was reading, I guess those horrible right wing people, talking about the effect on prices of autos of the goodies to the unions. I guess it depends on where you stand, politically, which side is the most right or wrong.
Your blind allegiance to corporate America makes you not only wish for the failure of an American institution and thousands of manufacturing jobs but you also turn a blind eye to corporate abuses and outsourcing to attack an American company that employs Americans.
So you follow the instructions given to you on FOX or by Rush Limbaugh and attack GM for attempting to make a comeback with government help.
So far, I've heard not a peep from rightwingers about the money the government MADE when Chrysler paid back money that Carter loaned them, only to be squandered by the excessive spending of Reagan.
Reagan would be beaten by Bush in ramping up excessive spending and the national debt. Not a word from the wingers about this.
Thats why it is further proof that conservatives hope for the failure of America and the disappearance of American jobs.
You are part of the problem
I am sure that not one of the foreign automakers working in the US would have hired any of those workers that were controlled by the UAW, and still are. I bet any of them could have secured jobs working for those companies but they may have had to move to right-to-work states and that would have made them unemployable since they can't live without their unions.
Right, but they (the union) were only one creditor in a long line, yet they received preferential status that the original investors did not. How is that even remotely fair? And everything goes on the table during restructuring, including binding contracts, do they not?
How many of those other creditors were owed 20 billion dollars like the Veba Trust for the Big Three was owed?
And you have done a great job of reminding me what one of the most obvious reasons for the high price of automobiles is today. Thirty years ago I was reading, I guess those horrible right wing people, talking about the effect on prices of autos of the goodies to the unions. I guess it depends on where you stand, politically, which side is the most right or wrong.
Thats the problem!
Blind allegiance to partisan politics without thinking makes people actually wish for the demise of their fellow Americans.
It's more about a selfishness that has been bred into the rightwing, and that some mythical pledge of self sufficiency causes American manufacturing jobs to disappear while banks that have raped those they loaned money to are "bailed out" for corporate abuses and financial mismanagement.
Guess which side of the aisle wants to decrease government oversight on those banks? Same one telling you GM should have gone under.
Government oversight does NOT equal "smaller government", and the corporatists have you shrieking for that too.
Selfishness and intellect. Or lack thereof.
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