Zero screwed the bondholders and saved the union. GM should have gone thru bankruptcy; reorganized under competent management and de-certified the union.
It WAS a union bailout.
The funny thing is, in the 010 elections, that didn’t seem to help Democrats at all.
With private sector unions at 11% of the workforce and declining, their influence continues to deteriorate.
And don’t be fooled by the UAW’s membership numbers either. The actual auto workers are fading away fast. A lot of their membership now is public sector and nurses.
BINGO including tag.
If they had, I would have gladly supported them with my next purchase. After watching the bondholders get screwed, it will be a Ford or a transplant for me.
Precisely right (bankrupty, restructure, non-union). Without downsizing, work rule changes, contract wage changes, and pension changes, GM is going to right back where they were in a few years. And the prospectus for the IPO had a buried footnote that you cannot sue them for fraud, either.
Well, the media told us he was like Lincoln. Sort of.
Zero screwed the bondholders and saved the union. GM should have gone thru bankruptcy; reorganized under competent management and de-certified the union.