Ron Gettelfinger Chickens Come Home to Roost

I don't know, Mchicha

it really seems to me the Senate was asking the UAW to promise "competitive wages" when those wages of the foreign transplants aren't even very well known
&
also asked the UAW to promise a Date ...when that depends on circumstances beyond their control - ex: the amount of layoffs GM will decide upon between now and that DATE
&
IF I WAS DEALING WITH POLITICIANS, I'D WANT TIME TO COUNT MY FINGERS
BEFORE I PROMISED THEM ANYTHING

might just be that Mr. G. used a number of words I wanted to hear THAT NO ONE ELSE WAS SAYING
but
he really impressed me favorably.

2b2 said:

I don't know, Mchicha

it really seems to me the Senate was asking the UAW to promise "competitive wages" when those wages of the foreign transplants aren't even very well known
&
also asked the UAW to promise a Date ...when that depends on circumstances beyond their control - ex: the amount of layoffs GM will decide upon between now and that DATE
&
IF I WAS DEALING WITH POLITICIANS, I'D WANT TIME TO COUNT MY FINGERS
BEFORE I PROMISED THEM ANYTHING

might just be that Mr. G. used a number of words I wanted to hear THAT NO ONE ELSE WAS SAYING
but
he really impressed me favorably.

Click to expand...

Hi 2b2. Long time!!
My take is this. Senator Corker (I wonder if that’s the spelling) makes a good case. In his plan, all the stake holders are giving up something. Basically they are moving liabilities, (including bonds) into equity (up to 70% of all liabilities) as in this immediately makes these companies viable for the long haul.

The problem with Ron is that he is looking at the short term prospect. He thinks he can drag this thing until Jan 20th and preserve the convoluted contracts that have brought the grim ripper upon Detroit. And hopefully an Obama labor secretary can screw everyone else and preserve unions contracts as they are.

The problem with this Scenario for Ron is that he does not see the viability of the company’s long term as beneficial to his members. He is seeking a political victory against the GOP. That will be difficult to come by even after an Obama presidency. If he goes to Bankruptcy court, he is screwed; there is zero political mileage there. Corker is really his best hope of saving jobs. At this point, basic jobs should be his concern, not the pork he is seeking to preserve. Remember this senator was once a union card carrying member. He is not interested in sticking it to the unions as Ron purports.

In essence, the UAW needs new leadership that is going to look at long term job preservation that can come only from clean balance sheets and nothing else. Ron’s approach should have been, Yes, I will give you what you want, but this is what I need from banks and bond holders to get it. In essence, tell cocker, we need another 10% from banks and Bond holders to go with your plan, so that the companies can wipe out 80% of their debt and put it in equity, to get the federal funding. That would put his union in a place to fight another day.

Remember GM has come out and said 15 billion is enough, they will not come for more. Ford has said they do not need it.

For Ron, jobs should be the issue, not pork.

The blame game is really a distraction. There is no ill intent on anyone’s part, perhaps different philosophies, but Ron is talking like its 1919. This is different. UAW clearly needs new leadership.