“They didn’t tell us anything until the very last minute,” said Nick Waun, a member of UAW Local 5960.
The company formally known as General Motors (informally known as Government Motors) is preparing for an initial public stock offering (IPO). However, it appears the attractiveness of the “new” GM continues to be scarred by an old curse, the United Auto Workers.Saturday’s demonstration was organized by workers from the automaker’s big assembly plant in Orion, Michigan to protest the UAW’s decision to allow GM to assign workers with seniority of 10 years to a second-wage tier that would require them to take a 50 percent cut in pay.
He noted union officials had kept quiet about the potential for steep pay cuts for more than a year.
The UAW’s internal battle with its own members, who may push to end the concessions next year in negotiations, may put a damper on any possible enthusiasm investors may have toward investing in a business that is partially owned by the government, as well as the union. Things aren't looking good for the American UAW worker and retirees. They better put the health and wealth of GM first for a change or they will all be out of a job. The UAW makes it their purpose in life to go after the Big Three as if the Big Three are the enemy instead of the hand that feeds them. If GM was doing well and making lots of money the union members would get some great profit sharing checks. But the unions want up front money rather then profit sharing checks. How nice would it be if the unions put profits first. If they want job security then keeping the Big Three making money should be job #1.