The UAW wants $1.1 billion for their contract signup. So, taxpayers are on the hook for billions in bailouts because of the UAW and their unsustainable salaries and benefits, but the UAW still has all this money to pay out to members? We keep hearing about greedy banks, but why don’t we hear more about this type of greed? As an example, the US taxpayer bought almost $30 billion in stock at $55 a share and it’s now worth $35. It was never worth $55 by the way.
People need to look carefully at how the unions are dealing with our economic crisis and ask themselves if this is the mentality they want to buy into and pay for with bailout money.
Ford was the only one of The Big Three that did not use bailout money so I would buy a Ford, but Chrysler, the union-Italian owned, and Government Motors are off my list.
“..The United Auto Workers, bargaining a new contract with U.S. automakers, is seeking a signing bonus of as much as $10,000, more than three times higher than the payment workers received for endorsing the current accord, according to four people familiar with the proposal.
UAW bargainers are seeking the increased signing bonus and new work in U.S. factories in exchange for not increasing fixed labor costs at General Motors Co. (GM), Ford Motor Co. (F) and Chrysler Group LLC. Union negotiators have proposed a signing bonus of $8,000 to $10,000 for each member, said the people, who asked not to be identified revealing internal discussions.
The union’s contracts covering 113,000 workers at GM, Ford and Chrysler expire Sept. 14. UAW President Bob King has said he’s open to compensation that may include lump sum payments, rather than raises, that are tied to profit sharing and achieving productivity and quality goals.
A sizable signing bonus would help sell the deal to union members looking to be repaid for concessions that helped U.S. automakers survive…” Read here: UAW wants more of your grandchild’s money