OT: The nail is on the coffin…UAW leader says no more concessions

[Coronita]

WOW….. I think it’s a done deal……Someone please help me understand UAW’s position….From my viewpoint, it seems like the choices are either

1) Concessions or (2) BK…. Seems like a no brainer to me if UAW was really interested in protecting it’s workers….

What am I missing here?????

UAW leader says no more concessions
Saturday November 15, 1:07 pm ET
By Mark Williams, AP Business Writer
UAW president insists workers will make no more concessions; says workers have done enough

COLUMBUS, Ohio (AP) — Even as Detroit’s Big Three teeter on collapse, United Auto Workers President Ron Gettelfinger says workers will not make any more concessions and that getting the automakers back on their feet means figuring out a way to turn around the slumping economy.

Gettelfinger also on Saturday called on Congress to act quickly on a bailout plan for the auto industry. He says something needs to be done before President-elect Obama takes office in January.

Gettelfinger says it is unfair to call on workers to make more sacrifices, noting that previous cuts workers have agreed to have helped steady the automakers.

[Coronita]

More bad news….

http://www.autoblog.com/2008/11/15/european-insurers-quit-covering-ford-and-gm-suppliers/

European insurers quit covering Ford and GM suppliers

Posted Nov 15th 2008 9:18AM by Michael Harley

Soaked in bad news, GM and Ford received yet another dousing when their three big European credit insurers dropped them this week. Euler Hermes, Atradius, and Coface have all refused to write policies for suppliers trading with both automakers. The three giant insurance companies control more than 80 percent of the world’s credit insurance (insurance companies typically pull their coverage when a client stops proving insurers with enough information to calculate a credit risk, or their overall risk profile has deteriorated). Without their credit cover, suppliers will be forced to either trade uninsured, cease trading, or ask for payment up front. Supply issues aside, this news only compounds the automaker’s problems as it also weakens investor confidence, already completely slumped.

[Coronita]

More bad news….

http://www.autoblog.com/2008/11/15/european-insurers-quit-covering-ford-and-gm-suppliers/

European insurers quit covering Ford and GM suppliers

Posted Nov 15th 2008 9:18AM by Michael Harley

Soaked in bad news, GM and Ford received yet another dousing when their three big European credit insurers dropped them this week. Euler Hermes, Atradius, and Coface have all refused to write policies for suppliers trading with both automakers. The three giant insurance companies control more than 80 percent of the world’s credit insurance (insurance companies typically pull their coverage when a client stops proving insurers with enough information to calculate a credit risk, or their overall risk profile has deteriorated). Without their credit cover, suppliers will be forced to either trade uninsured, cease trading, or ask for payment up front. Supply issues aside, this news only compounds the automaker’s problems as it also weakens investor confidence, already completely slumped.

[Coronita]

More bad news….

http://www.autoblog.com/2008/11/15/european-insurers-quit-covering-ford-and-gm-suppliers/

European insurers quit covering Ford and GM suppliers

Posted Nov 15th 2008 9:18AM by Michael Harley

Soaked in bad news, GM and Ford received yet another dousing when their three big European credit insurers dropped them this week. Euler Hermes, Atradius, and Coface have all refused to write policies for suppliers trading with both automakers. The three giant insurance companies control more than 80 percent of the world’s credit insurance (insurance companies typically pull their coverage when a client stops proving insurers with enough information to calculate a credit risk, or their overall risk profile has deteriorated). Without their credit cover, suppliers will be forced to either trade uninsured, cease trading, or ask for payment up front. Supply issues aside, this news only compounds the automaker’s problems as it also weakens investor confidence, already completely slumped.

[Coronita]

More bad news….

http://www.autoblog.com/2008/11/15/european-insurers-quit-covering-ford-and-gm-suppliers/

European insurers quit covering Ford and GM suppliers

Posted Nov 15th 2008 9:18AM by Michael Harley

Soaked in bad news, GM and Ford received yet another dousing when their three big European credit insurers dropped them this week. Euler Hermes, Atradius, and Coface have all refused to write policies for suppliers trading with both automakers. The three giant insurance companies control more than 80 percent of the world’s credit insurance (insurance companies typically pull their coverage when a client stops proving insurers with enough information to calculate a credit risk, or their overall risk profile has deteriorated). Without their credit cover, suppliers will be forced to either trade uninsured, cease trading, or ask for payment up front. Supply issues aside, this news only compounds the automaker’s problems as it also weakens investor confidence, already completely slumped.

[Coronita]

More bad news….

http://www.autoblog.com/2008/11/15/european-insurers-quit-covering-ford-and-gm-suppliers/

European insurers quit covering Ford and GM suppliers

Posted Nov 15th 2008 9:18AM by Michael Harley

Soaked in bad news, GM and Ford received yet another dousing when their three big European credit insurers dropped them this week. Euler Hermes, Atradius, and Coface have all refused to write policies for suppliers trading with both automakers. The three giant insurance companies control more than 80 percent of the world’s credit insurance (insurance companies typically pull their coverage when a client stops proving insurers with enough information to calculate a credit risk, or their overall risk profile has deteriorated). Without their credit cover, suppliers will be forced to either trade uninsured, cease trading, or ask for payment up front. Supply issues aside, this news only compounds the automaker’s problems as it also weakens investor confidence, already completely slumped.

[an]

European Union may complain to WTO over Detroit bailout

Linky dinky

The US Congress is contemplating a bailout of $25 billion or more for US automakers, and the European Union is watching closely. European Commission President, Jose Manuel Barroso, told Europe 1 Radio that he is prepared to rat out the US government to the World Trade Organization if the EU considers the bailout illegal.

Barroso wants to look over any aid package to determine if it’s “illegal state aid.” European new car registrations are down 14.5% in recent months, and we’re guessing the EU wants to ensure that any relief the US government may give domestic automakers doesn’t afford them an unfair advantage overseas. We aren’t exactly sure what the WTO could do to stop aid to the domestics, and it would likely be difficult to prove that state aid would help US automakers in Europe, especially since Ford and GM’s biggest issues are here at home.

[an]

European Union may complain to WTO over Detroit bailout

Linky dinky

The US Congress is contemplating a bailout of $25 billion or more for US automakers, and the European Union is watching closely. European Commission President, Jose Manuel Barroso, told Europe 1 Radio that he is prepared to rat out the US government to the World Trade Organization if the EU considers the bailout illegal.

Barroso wants to look over any aid package to determine if it’s “illegal state aid.” European new car registrations are down 14.5% in recent months, and we’re guessing the EU wants to ensure that any relief the US government may give domestic automakers doesn’t afford them an unfair advantage overseas. We aren’t exactly sure what the WTO could do to stop aid to the domestics, and it would likely be difficult to prove that state aid would help US automakers in Europe, especially since Ford and GM’s biggest issues are here at home.

[an]

European Union may complain to WTO over Detroit bailout

Linky dinky

The US Congress is contemplating a bailout of $25 billion or more for US automakers, and the European Union is watching closely. European Commission President, Jose Manuel Barroso, told Europe 1 Radio that he is prepared to rat out the US government to the World Trade Organization if the EU considers the bailout illegal.

Barroso wants to look over any aid package to determine if it’s “illegal state aid.” European new car registrations are down 14.5% in recent months, and we’re guessing the EU wants to ensure that any relief the US government may give domestic automakers doesn’t afford them an unfair advantage overseas. We aren’t exactly sure what the WTO could do to stop aid to the domestics, and it would likely be difficult to prove that state aid would help US automakers in Europe, especially since Ford and GM’s biggest issues are here at home.

[an]

European Union may complain to WTO over Detroit bailout

Linky dinky

The US Congress is contemplating a bailout of $25 billion or more for US automakers, and the European Union is watching closely. European Commission President, Jose Manuel Barroso, told Europe 1 Radio that he is prepared to rat out the US government to the World Trade Organization if the EU considers the bailout illegal.

Barroso wants to look over any aid package to determine if it’s “illegal state aid.” European new car registrations are down 14.5% in recent months, and we’re guessing the EU wants to ensure that any relief the US government may give domestic automakers doesn’t afford them an unfair advantage overseas. We aren’t exactly sure what the WTO could do to stop aid to the domestics, and it would likely be difficult to prove that state aid would help US automakers in Europe, especially since Ford and GM’s biggest issues are here at home.

[an]

European Union may complain to WTO over Detroit bailout

Linky dinky

The US Congress is contemplating a bailout of $25 billion or more for US automakers, and the European Union is watching closely. European Commission President, Jose Manuel Barroso, told Europe 1 Radio that he is prepared to rat out the US government to the World Trade Organization if the EU considers the bailout illegal.

Barroso wants to look over any aid package to determine if it’s “illegal state aid.” European new car registrations are down 14.5% in recent months, and we’re guessing the EU wants to ensure that any relief the US government may give domestic automakers doesn’t afford them an unfair advantage overseas. We aren’t exactly sure what the WTO could do to stop aid to the domestics, and it would likely be difficult to prove that state aid would help US automakers in Europe, especially since Ford and GM’s biggest issues are here at home.

[TheBreeze]

It looks like the UAW is making a stand. They are tired of making all the concessions while the management fat cats who have managed the company poorly get rich. Seems like a reasonable position to me. Let the management fat cats take cuts to their salary/benefits in order to save the company.

Alternatively, maybe the UAW president has been in touch with some politicians who have assured him a bailout is coming so he comes out firing in order to take the initiative. Negotiating 101.

[TheBreeze]

It looks like the UAW is making a stand. They are tired of making all the concessions while the management fat cats who have managed the company poorly get rich. Seems like a reasonable position to me. Let the management fat cats take cuts to their salary/benefits in order to save the company.

Alternatively, maybe the UAW president has been in touch with some politicians who have assured him a bailout is coming so he comes out firing in order to take the initiative. Negotiating 101.

[TheBreeze]

It looks like the UAW is making a stand. They are tired of making all the concessions while the management fat cats who have managed the company poorly get rich. Seems like a reasonable position to me. Let the management fat cats take cuts to their salary/benefits in order to save the company.

Alternatively, maybe the UAW president has been in touch with some politicians who have assured him a bailout is coming so he comes out firing in order to take the initiative. Negotiating 101.

[TheBreeze]

It looks like the UAW is making a stand. They are tired of making all the concessions while the management fat cats who have managed the company poorly get rich. Seems like a reasonable position to me. Let the management fat cats take cuts to their salary/benefits in order to save the company.

Alternatively, maybe the UAW president has been in touch with some politicians who have assured him a bailout is coming so he comes out firing in order to take the initiative. Negotiating 101.

[Author]

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