Posted on 11/06/2008 6:33:07 PM PST by Fred
DETROIT, Nov 6 (Reuters) - United Auto Workers President Ron Gettelfinger on Thursday urged the U.S. government to provide another $25 billion in loans to struggling U.S. automakers so that they can meet their health care obligations to over 780,000 retirees and their dependents.
"The U.S. Treasury and the Federal Reserve can help immediately by taking steps to provide liquidity to auto manufacturers so they can get through the difficulties caused by an across-the-board decline in auto sales," Gettelfinger said in a statement released by the union.
Gettelfinger joined the chief executives of General Motors Corp (GM.N: Quote, Profile, Research, Stock Buzz), Ford Motor Co (F.N: Quote, Profile, Research, Stock Buzz) and Chrysler LLC in meetings on Thursday afternoon in Washington with House Speaker Nancy Pelosi and Senate Majority Leader Harry Reid to plead the case for urgent aid to the embattled auto industry.
Gettelfinger called those meetings "constructive." He said the UAW looked forward to meeting with President-elect Barack Obama "in the near future" to discuss the same issues. (Reporting by Kevin Krolicki; Editing by Phil Berlowitz)
(Excerpt) Read more at reuters.com ...
NOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOO
And they'd vote in even greater numbers for the democrat thugs that caused them to go bankrupt.
We are talking about the same thing......excesses. When they run out, it's time for a bail-out.
Vote themselves money from the federal treasury. Who was it that warned, when that time comes, the Republic will end.
I believe it was "de tocqueville"...
They’ve already eliminated health care for salaried retirees over age 65. Why should the union thugs get to keep their health care benefits when they salaried workers lost theirs?
They UAW needs to be demolished for their greed.
Geldelfinger is talking out his @$$ to keep the union apparatchiks pumped.
The money is for plant retooling.
The UAW gets the Retiree Health Care and Pension Liabilities with the VEBA which kicks in in 2010. That is why these "Bridge Loans" (yes that what is it) are critical, Ford burned through 7 billion this last quarter, with burn rates like that, they may not make it to the next product cycle in 2010.
contract lowered total compensation to the Unions to a rate of $48/hr which is what Toyota is at. They are at parity.
FWIW in an off the record conversation an auto engr I know on a high visibility program noted for all intensive purposes in their humble opinion, with the last contract the UAW has been de-balled......
“de tocqueville” -— Yeah he did, but what I wanted was one of our founders, who made a similar statement about the Republic, maybe Ben Franklin? If I get some time today, I will look around, see if I can scare up the quote.
Welcome to the automakers self dealt apocalypse keep the overpriced vehicle coming and pay the exuberant cost to the Union workers and you will die the slow death you have brought on yourself. That is if our politicians pull there heads out of their own tail pipes and quit bailing out these idiots that cant operate a budget.
Tired of the hand out mentality that the big businesses have come to I didn’t know the US offered Welfare to bad business decisions.
GM reports $2.5B 3Q loss, says running out of cash
Associated Press via Yahoo | November 7, 2008 | Tom Krisher and Jeff Karoub
Posted on 11/07/2008 9:04:06 AM PST by NRG1973
http://www.freerepublic.com/focus/f-news/2127942/posts
GM, Ford Post Losses as Liquidity Worsens (Live or Die?)
WSJ | 110708 | MATTHEW DOLAN and JEFF BENNETT
Posted on 11/07/2008 2:18:53 PM PST by Fred
http://www.freerepublic.com/focus/f-news/2128187/posts
If you would like to be added or dropped from the Michigan ping list, please freepmail me.
Thank God the forum is back up and running! Yesterday felt longer than election day, fcol
GM credit ratings has been driven down by more than just
health-care liabilities — maybe all those instantly depreciated, pieces of GM sh*t, lacking anything resemblence of a quality vehicle could have been the problem?
Somehow, I can see another “Victory for the Union” in the making.
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