For one thing, when GM spun Delphi off 6 years ago, the UAW forced GM to guarantee Delphi workers' pensions, etc. Now Delphi is in bankruptcy, and it's dragging down GM with it.
So GM is still feeding the Delphi workers even though they have not been part of GM for 6 years. And now it looks like the Delphi workers are going to strike, which will shut down all of GM in short order.
These union leaders are economic terrorists.
"These union leaders are economic terrorists."
If this is true, then the GM management has been a willing collaborator.
My problem with this is that in bankruptcy the company will lay off pension and health care costs to the American taxpayer. If I tried to declare bankruptcy I could do nothing of the kind. The companies and people I shafted would just be shafted, no bailout for them. And the court would take away all my assets and impose a payment schedule instead of keeping me running at the same level.
GM will go bankrupt. But when they do, the government should insist on taking them apart and selling them off to the highest bidder in order to cover their pensions. It won't. We'll suck that up, too. It's how bidness is done in DC and in the fatcat world.
Just a matter of time.