Bush’s auto plan will test bama’s union loyalties
The News Review:
- Bush’s auto plan will test bama’s union loyalties
- GM CE Wagoner Defends UAW Is Hopeful For A Deal
- Americans back auto bailout – for now
Bush’s auto plan will test bama’s union loyalties
Reuters
It does not require a positive cash flow by March 31. In fact wage and benefit cuts only need be accomplished by December 31 2009. Given the depressed auto market a positive cash flow cannot be accomplished soon and GM and Chrysler will be asking for more federal loans when they table their plans by March 31. If the auto market stays depressed into 2010 Ford will likely seek assistance. Given the likely duration of the recession loans of well over $100 billion will be needed. Much of those could prove gifts with the loans never truly repaid. Unless the automakers significantly reduce their debt jettison retiree legacy liabilities and align wages benefits work rules with those of Japanese transplants they simply cannot hope to be consistently profitable.
GM CE Wagoner Defends UAW Is Hopeful For A Deal
CNNMoney.com
) By Sharon Terlep and Jeff Bennett f DW JNES NEWSWIRES DETRIT -(Dow Jones)- General Motors Corp. (GM) Chief Executive Rick Wagoneron Monday defended the United Auto Workers and said he remains hopeful thecompany and union can strike a deal to lower labor costs. Wagoner during a radio interview in Detroit said the union “took a lot ofbullets” in the midst of high-profile talks over an aid package for Detroit’sstruggling auto makers. “People were trying to score political points rather than fix the issues wewere facing” Wagoner said. The union and company will begin negotiations after the start of the year onchanges to the labor deal struck last year. Wagoner’s comments came as UAW President Ron Gettelfinger attacked as unfairstipulations in the aid package that call for the union to accept wage cuts andother concessions.
Americans back auto bailout – for now
CNN
4 billion — just more than half of the $34 billion the automakers had requested from Congress earlier in December. With auto sales continuing to plummet analysts expect the automakers to ask for more once the new Congress and bama administration take over in January. And the finance arms of the Big Three are expected to seek bailout money set aside for banks and other financial institutions as well. Some analysts estimate that the cost of an auto bailout will eventually run as high as $125 billion. But Americans would rather see the companies go bankrupt than get more federal funding – even it it means the economy will suffer as a result. According to the survey of more than 1000 Americans conducted Dec.
Related from Zjkjw: Auto Bailout: Lemon or Lemonade?
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