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UAW: No Deal With GM, Delphi

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Guest Josh   
Guest Josh

DETROIT — The United Auto Workers union Thursday said it was not close to a cost-cutting agreement with bankrupt auto parts maker Delphi Corp. and automaker General Motors Corp. (GM), dashing hopes of workers and investors that a deal was in the offing.

"Nothing could be further from the truth," the UAW said in a statement on its Web site. "The parties are not close to working out such an agreement.

"There are many, many, significant issues to be resolved," the UAW said. "Overall the situation has changed very little since our last meeting."

Despite the denial from UAW, GM shares were up sharply. In early trading on the New York Stock Exchange, they soared 5.88 percent, or $1.20, to $21.59.

Those gains came after several newspapers including the Wall Street Journal reported that all three parties were nearing an agreement on issues that could help Delphi cut its union staff and pay remaining workers a lower wage, while encouraging thousands of workers to take early retirement.

The UAW said the three groups had been discussing a retirement incentive program, but while those discussions had been constructive, significant issues must still be resolved.

Full Story: http://www.foxnews.com/story/0,2933,187335,00.html

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FUTURE_OF_GM    26

LOL...

Either way the union is screwed so they might as well just agree.

Either they can suffer a few cuts NOW or get IMPLODED in a few months when GM and Ford file chapter 11.

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SimonDavid    0

LOL...

Either way the union is screwed so they might as well just agree.

Either they can suffer a few cuts NOW or get IMPLODED in a few months when GM and Ford file chapter 11.

I'm not sure the union are screwed

Most of them are near retirement age, and they are probably gambling that if the worst comes to the worst the federal government / pension guarantee board will bail out their pensions

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Ghost Dog    1

I think its time for labor to flex some Muscle. Not to go Quietly into poverty. Slay a few corporate Giants. Show that they are not cattle for thier corporate overlords.

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FUTURE_OF_GM    26

I think its time for labor to flex some Muscle. Not to go Quietly into poverty. Slay a few  corporate Giants. Show that they are not cattle for thier corporate overlords.

LOL... That's the attitude that got us into this mess...

But go ahead, SLAY those LAST few corporate giants... Then have fun unionizing Wal-Mart cashiers when we're all out of a job while the executives are getting fat 'n happy outsourcing to China.

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LOL... That's the attitude that got us into this mess...

But go ahead, SLAY those LAST few corporate giants... Then have fun unionizing Wal-Mart cashiers when we're all out of a job while the executives are getting fat 'n happy outsourcing to China.

Bingo

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CaddyXLR-V    3

I think its time for labor to flex some Muscle. Not to go Quietly into poverty. Slay a few  corporate Giants. Show that they are not cattle for thier corporate overlords.

Those corporate Giants just carried them this far. Slay them, and you lose all your protection from the real world.

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ellives    0

What are you a hundred? Are you burning your bras too? Those ideas are relics of the past. It's simple economics and organizational dynamics. The competition has to be between companies and not within companies.

The UAW has to face it for GM to survive - the jig is up - the fat lady has sung. The days of unions are over (other than the municipal unions which are another topic entirely.) The UAW is simply deceiving their members. There *is* no solidarity since the UAW hasn't gotten into Toyota and Honda. The patient is brain dead and the body doesn't know it because it's being kept alive by artificial means.

I think its time for labor to flex some Muscle. Not to go Quietly into poverty. Slay a few  corporate Giants. Show that they are not cattle for thier corporate overlords.

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Dragon    0

I think its time for labor to flex some Muscle. Not to go Quietly into poverty. Slay a few  corporate Giants. Show that they are not cattle for thier corporate overlords.

thats cutting off yoru nose to spite your face. It just doesn't make sense.

Unions are one of the big reasons (along with corporate mismanagement) GM and the auto sector in general is in this mess.

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