“I called my boss. He says bondholders won’t budge on their money (more reasons to hate Citibank) so they have asked the the UAW to take more cuts in the retirement plan and start paying it now. Union say they can’t do it because the checks would stop-not enough cash...under the new conditions. Hopefully the government will appoint a car czar and deal with UAW and bondholders in a fair manner...everything else is a go.”
According to the Washington Post, bondholders are waiting to see if the UAW will give ant concessions. I guess everyone is playing a big game of chicken.
http://www.washingtonpost.com/wp-dyn/content/article/2009/02/13/AR2009021303441.html
ant concessions=any concessions. Well...maybe it is ‘ant concessions’ with the UAW. Still sounds like the UAW is the holdup.
So it would seem.