www射-国产免费一级-欧美福利-亚洲成人福利-成人一区在线观看-亚州成人

WORLD> America
UAW wins big Chrysler stake but can't run company
(Agencies)
Updated: 2009-05-03 15:10

DETROIT -- The United Auto Workers union would appear to be the big winner in the Chrysler bankruptcy saga, having exercised its considerable political muscle to win a 55 percent stake in the country's third-largest automaker.

UAW wins big Chrysler stake but can't run company
This April 27, 2009, photo, shows United Auto Workers President Ron Gettelfinger, left, and Vice President General Holiefield speaking to reporters in Sterling Heights, Mich. [Agencies]

But when you consider the 55 percent is in a company that lost $16.8 billion last year and has seen its sales drop by half, the victory seems less impressive. Especially since the union's stock must necessarily be converted at some point to cash to pay billions of dollars in retiree health care bills over the next 25 years.

Plus, the union's control in the boardroom will be limited. Despite the large stake, it gets only one seat on a nine-member board that will govern a new Chrysler-Fiat joint venture.

Yes, the union could still come out the winner at Chrysler and at General Motors Corp., which has offered the UAW a 39 percent stake as part of its own reorganization plan. But that depends on the iffy prospect of the companies making money again and their stock values sharply rising.

"I think it's a whole lot weaker than it appears," said Gerald Meyers, a University of Michigan business professor and former CEO of American Motors Corp. "I would say the UAW wouldn't want to get into the speculative game of the stock market. That's not reassuring to retirees."

Unions have in the past traded an ownership stake in a struggling company for wage cuts or other money-saving steps. For the most part the deals, such as an employee stock ownership plan at UAL Corp., parent of United Airlines, have worked well at first, only to fall apart when economic times grew tough, with labor and management fighting as profits declined.

Related readings:
UAW wins big Chrysler stake but can't run company Chrysler still have to sell automobiles to solve problems
UAW wins big Chrysler stake but can't run company Chrysler succumbs to bankruptcy after struggle
UAW wins big Chrysler stake but can't run company Chrysler drives to bankruptcy
UAW wins big Chrysler stake but can't run company Obama 'hopeful' for deal as Chrysler talks go on

The UAW started making concessions during 2007 contract negotiations and that helped in negotiating the stakes they stand to gain now. At the time, both GM and Chrysler had huge labor cost disadvantages compared with Japanese automakers, mainly because they have far more retirees and had agreed to pay their health care bills.

For GM, the health care tab is projected to total $46.7 billion over the lives of about 350,000 retirees and spouses. At Chrysler, it's $10.9 billion for around 82,000 retirees.

So to unload the costs, the companies persuaded a reluctant UAW to take billions in cash to set up trust funds called voluntary employees beneficiary associations, or VEBAs, to pay the bills starting next year.

But the US auto market went bad and both automakers ran out of cash. Enter government financing and the Obama administration, which engineered the Chrysler-UAW deal. Chrysler has now formed an alliance with Fiat, and the government will finance what it hopes will be a quick Chrysler bankruptcy. Chrysler plans to close five more factories and shed thousands more workers as it slims down and resets to build Fiat-designed fuel-efficient cars in North America.

The UAW spent nearly $5 million in independent expenditures to promote Obama's campaign, according to the nonpartisan Center for Responsive Politics, and some Chrysler debtholders contend that the union was unfairly rewarded for that support. Secured creditors were offered roughly 30 cents on the dollar for $6.9 billion in debt. A few balked and the deal fell apart late Wednesday, triggering Thursday's bankruptcy filing.

The UAW's reward, though, could turn out to be punishment if the stock price doesn't rise.

   Previous page 1 2 Next Page  

主站蜘蛛池模板: 人久热欧美在线观看量量 | 国产在线精品成人一区二区三区 | 国产一级毛片国产 | 在线一区播放 | 久草手机在线视频 | 久久女同互慰一区二区三区 | 欧美成人精品福利在线视频 | 日本全黄| 国产大乳喷奶水在线看 | 一区二区三区免费精品视频 | avtt天堂网永久资源手机版 | 美女被免费网站在线软件 | 韩国免又爽又刺激激情视频 | 最新国产三级在线不卡视频 | 免费萌白酱国产一区二区三区 | 91不卡在线精品国产 | 国内精品免费一区二区观看 | 在线91精品国产免费 | 我们2018在线完整免费观看 | 国产成人一区二区三区在线视频 | 三级视频欧美 | 欧美成人看片一区二区三区 | 亚洲欧美成人 | 高清成人爽a毛片免费网站 高清大学生毛片一级 | 奇米888四色在线精品 | 自拍第1页 | 欧美一区永久视频免费观看 | 成人区在线观看免费视频 | 精品91精品91精品国产片 | 国产在线观a免费观看 | 久久国产99 | 91成人午夜性a一级毛片 | 一级成人毛片免费观看欧美 | 亚洲精品专区一区二区欧美 | 欧美另类自拍 | 欧美三级三级三级爽爽爽 | 久久99精品久久久久久三级 | 久久国产精品久久久久久久久久 | 久草在线视频资源站 | 国产欧美日韩免费一区二区 | 手机看片日韩日韩韩 |