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UAW, GM Reach Tentative Deal
The UAW announced today it has reached a tentative understanding with the U.S. Treasury Department and General Motors Corp. on changes to the 2007 UAW/GM bargaining agreement. The union says the tentative agreement also contains modifications to the independent Voluntary Employee Beneficiary Association (VEBA) trust that funds retiree health care.
Details are not available until after ratification meetings for UAW members at GM, which are now being scheduled.
A pact between GM and the UAW was one of the key obstacles for the automaker to clear before a June 1 deadline for the company to restructure its debt as part of a process widely expected to include a bankruptcy filing.
In April, UAW members ratified a similar agreement with Chrysler, Fiat and the Treasury Department.
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2 Comments
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The UAW is being extorted. The government says “Take concessions, but there is no protection against bankruptcy.”
Then, if the company files for bankruptcy, a judge can do whatever she(he0 wants. That’s like saying, “Give it up. If you do, we might just spare your life.”
Change we can believe in???????
GM’s debt is too massive…the sheer size of it is too big to be forgiven. Bankruptcy is the only option. When ordinary people go into bankruptcy, it’s because they do not have the financial means to pay their debt back. GM is no different. There’s no need to plug Obama’s campaign line on a problem that has been festering for years, long before anyone knew who Obama was.