The UAW strike is over, a good three days minimum sooner than I thought possible. Of course, who expected the UAW to cave 5-1 to GM
This one was easy. The union knew it had a few weeks before GM went to bankrupcy court.
GM has a nuclear path that makes sense. Enter bankrupcy. Spin Saturn off with the cheap foreign brands with it. Spin out Chevy, Saab, and Pontiac with a few designers who can actually come up with a car worth buying, and DON’T send the dealerships with it (make them re-up, and make sure half of them don’t). Sell off or spin out GMAC. The shattered hulk that’s left (Cadillac, Buick, GMC, etc.) dies, taking the pension fund, retiree insurance, and the UAW contracts, with it.
If the UAW takes the retiree insurance fund, that’s probably enough debt load relieved to let the union keep GM out of bankrupcy court for a year or two. The trust also gives them 30 billion worth of job security. The strike was about keeping the rank and file from killing the 99% dead golden goose.
| VIEW MOBILE SITE
Copyright © 2005-2015 PJ Media All Rights Reserved. v1.000037