Monday, October 18, 2010

The UAW And The Destruction Of GM

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.
“They didn’t tell us anything until the very last minute,” said Nick Waun, a member of UAW Local 5960.
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.


  1. This is what I alluded to in response to a commenter of yours a few days ago (RE; Mel R. 10/12)

    On the public stock offering, well who wants to invest in the U.S. government?

    Think about it; You purchase stock in the U.S. gov. and if (big if) the stock increases you are taxed on capital gains by the same entity you invested in!!

    Now being you are a U.S. citizen you are technically OWED money by G.M., the UAW and the U.S. gov. vis-à-vis the bailout.

    So here you would be investing money with people who owe you money just to be taxed on any and all potential gains while never recieving payment on the initial loan to begin with.

    No expert here but this does not sound like a very savvy investment.

    By the by, capital gains taxes are set to rise signifcantly along with all others come Jan. 1, 2011

  2. Thinking on it a little more, GM states it wishes to offer the stock in order to pay back the government (taxpayers).

    So by buying GM stock you would essentially be paying back yourself if the plan comes to fruition and then taxed again on the other end.

    Like throwing good money after bad and losing yet again.

  3. How is investing in Americans and in American companies bad for America? You're bass ackwards C-CP.

  4. RE: Anon @ 11:16,

    Apparently you cannot read or understand Economics 101, but rather react emotionally which does much to understand your mental state in general.

    But hey, it's a free country so keep on being ignorant.

  5. Anon, Cp can't get past his idealogical hatred of unions and its members, so don't feel bad. I offered him some connections to UAW veterans groups that he could join to help vets and he refused, saying he wants nothing to do with the UAW or anyone connected to the UAW. Even if that meant not helping vets.

    Pooor bastard.

  6. JoeC,

    I see you go to your fall back mode in personal attacks just like Anon and avoid the content of the subject.

    And as you full well know I support Veterans associated with well established and officially credentialed groups and not frimge extortionists like the UAW.

  7. Cp, there's nothing extortionist about the Union. They are just following labor law as it applies to all companies and unions. You'd well to learn about the laws and rules that govern the UAW before you let your ignorance show.

    And NVAC is a nationally recognized veterans service organization. You chose not to work with fellow union members both right and left because your an ass, not because the union is wrong. Its not a personal attack its the truth.

    What other organization do you qualify to join? DAV, VVA, VFW, AMVETS? nope, you can't be a member of any of those, but any union member can be part of the Union veterans standing committee. Stop being a complete jerkoff and join us. You'll find our work fulfilling.

    Any and all UAW members please feel free to join us on OCT. 30th at John Dingell VA hospital. We will be starting at 10 AM in the multi purpose room for Octoberfest.


Please keep it clean and nice. Thank you for taking the time to post you thought. It means a lot to me that you do this.