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marnesdad 7 months, 3 weeks ago	This is tiresome... You'd think people would at least care to know what they are talking about.... First of all, the UAW itself does not own any significant part of any of the three automakers… It’s the UAW’s Voluntary Employee Benefit Association – an INDEPENDENT trust that has had, over the last couple of decades, a share of ALL THREE automakers. Almost twenty years ago, Ford, GM and Chrysler gave the UAW trust fund shares of their respective companies in exchange for the Union's independent trust taking over some employee benefit liabilities. Up until just last year, the UAW VEBA trust owned 11% of Ford, but sold while the stock was strong in order to strengthen the trust. The UAW VEBA trust received additional shares in the “new” GM and Chrysler because they had assumed the risks regarding the automakers previous benefit liabilities. ALSO….. The notion that the UAW is making moves to ‘own’ Ford one day is nonsensical –seeing as how the UAW itself doesn’t exactly own any of the three now. As for the stupid assertion that Wilkow seems so proud of – the ‘government’ driving up UAW wages in an effort to harm Ford – that is also entirely nonsensical. Workers at all three of the US majors have ALWAYS received bonuses and perks independent of the Union as a whole. Right now, FORD pays hourly union employees MORE than anyone… including GM and way more than Chrysler and other non-union employees for other companies, such as Hyundai. FINALLY…. GM is not using a “government” account. The government put up $49.5B in exchange for 60% ownership of the new GM, $7.1B in interest bearing debt placed in an escrow account, and $2.1B in preferred stock. The escrow account (and the government money put in it) was designed to see the new GM through its emergence from bankruptcy, but, GM grew so fast that it didn’t need the money in the account, so it was used to ‘pay back’ the government loan (in reality, it was just handed back to the Treasury ‘unused’). It's getting to the point where listening to your show is like watching the cast of Jersey Shore explain thermodynamics...

marnesdad
7 months, 3 weeks ago

This is tiresome... You'd think people would at least care to know what they are talking about.... First of all, the UAW itself does not own any significant part of any of the three automakers… It’s the UAW’s Voluntary Employee Benefit Association – an INDEPENDENT trust that has had, over the last couple of decades, a share of ALL THREE automakers. Almost twenty years ago, Ford, GM and Chrysler gave the UAW trust fund shares of their respective companies in exchange for the Union's independent trust taking over some employee benefit liabilities. Up until just last year, the UAW VEBA trust owned 11% of Ford, but sold while the stock was strong in order to strengthen the trust. The UAW VEBA trust received additional shares in the “new” GM and Chrysler because they had assumed the risks regarding the automakers previous benefit liabilities. ALSO….. The notion that the UAW is making moves to ‘own’ Ford one day is nonsensical –seeing as how the UAW itself doesn’t exactly own any of the three now. As for the stupid assertion that Wilkow seems so proud of – the ‘government’ driving up UAW wages in an effort to harm Ford – that is also entirely nonsensical. Workers at all three of the US majors have ALWAYS received bonuses and perks independent of the Union as a whole. Right now, FORD pays hourly union employees MORE than anyone… including GM and way more than Chrysler and other non-union employees for other companies, such as Hyundai. FINALLY…. GM is not using a “government” account. The government put up $49.5B in exchange for 60% ownership of the new GM, $7.1B in interest bearing debt placed in an escrow account, and $2.1B in preferred stock. The escrow account (and the government money put in it) was designed to see the new GM through its emergence from bankruptcy, but, GM grew so fast that it didn’t need the money in the account, so it was used to ‘pay back’ the government loan (in reality, it was just handed back to the Treasury ‘unused’). It's getting to the point where listening to your show is like watching the cast of Jersey Shore explain thermodynamics...

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