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GM's union recovering after stock sale Taxpayers and investors not as fortunate as UA

ptif219

ptif219

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Obama does not care about the people only those that got him elected. The GM bailout was not for GM or the workers but was for the unions that helped get Obama elected


GM's union recovering after stock sale - Washington Times

Thanks to a generous share of GM stock obtained in the company's 2009 bankruptcy settlement, the United Auto Workers is well on its way to recouping the billions of dollars GM owed it — putting it far ahead of taxpayers who have recouped only about 30 percent of their investment and further still ahead of investors in the old GM who have received nothing.

The boon for the union fits the pattern established when the White House pushed GM into bankruptcy and steered it through the courts in a way that consistently put the interests of the union ahead of many suppliers, dealers and investors — stakeholders that ordinarily would have fared as well or better under the bankruptcy laws.

"Priority one was serving the interests of the UAW" when the White House's auto task force engineered the bankruptcy, said Glenn Reynolds, an analyst at CreditSights. The stock offering served to show once again how the White House has handsomely rewarded its political allies, he said.
 
Re: GM's union recovering after stock sale Taxpayers and investors not as fortunate a

The idea was to pay off other debts before the taxpayer bailout. Since many of those debts were to other industries, companies, and yes in some cases unions it was thought that those other companies may be in a tough spot themselves and counting on that money. The government reasoned that it was not the top priority for being repaid, so as not to take funds GM may have owed to other companies(ie employeers).

Also by making itself last in line to be repaid the government knows its no longer necessary to be involved in GM because it would have no debt, or at least no old unpaid debt. If the gov't was first to get paid it may be tempting for some within the government to decide to cut the program short after the gov't was paid, which may undermine the entire purpose for its existence.

Lastly the government wants to take care of workers first, ensure they are employed and getting paid and taken care of fast. The UAW, which I am no fan of, is actually very popular among those auto workers and they often look to it to keep them afloat during hard times.

Now was there opportunity for political dealings of a dubious nature between UAW and the gov't? Yes. Did it happen? Maybe. However even the way auto workers feel about their union and political realities, the union is a very powerful player and could make things very difficult for rebuilding GM, the simple fact that the UAW is towards the head of the line to be repaid isn't proof there's back room dealings going on.
 
Re: GM's union recovering after stock sale Taxpayers and investors not as fortunate a

Wiseone said:
The idea was to pay off other debts before the taxpayer bailout. Since many of those debts were to other industries, companies, and yes in some cases unions it was thought that those other companies may be in a tough spot themselves and counting on that money. The government reasoned that it was not the top priority for being repaid, so as not to take funds GM may have owed to other companies(ie employeers).

Also by making itself last in line to be repaid the government knows its no longer necessary to be involved in GM because it would have no debt, or at least no old unpaid debt. If the gov't was first to get paid it may be tempting for some within the government to decide to cut the program short after the gov't was paid, which may undermine the entire purpose for its existence.

Lastly the government wants to take care of workers first, ensure they are employed and getting paid and taken care of fast. The UAW, which I am no fan of, is actually very popular among those auto workers and they often look to it to keep them afloat during hard times.

Now was there opportunity for political dealings of a dubious nature between UAW and the gov't? Yes. Did it happen? Maybe. However even the way auto workers feel about their union and political realities, the union is a very powerful player and could make things very difficult for rebuilding GM, the simple fact that the UAW is towards the head of the line to be repaid isn't proof there's back room dealings going on.
Click to expand...

Read the OP the whole bankruptcy was setup by Obama to benefit the union
 
Re: GM's union recovering after stock sale Taxpayers and investors not as fortunate a

Not only was it for the benefit of the Union, they are part of the problem not only in the Auto industry but in Government in General.

California is on it's death bed and we owe a great deal of the cause for it to Unions and that is the fault of the new/old rotten Gov. Jerry the clown Brown. The only difference in Brown today and back in the 70s is this time in stead of pretending to have a girl friend he now pretends to have a wife.

Unions should be banned from government and suddenly things would look a lot better.
 
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Re: GM's union recovering after stock sale Taxpayers and investors not as fortunate a

Wiseone said:
The idea was to pay off other debts before the taxpayer bailout. Since many of those debts were to other industries, companies, and yes in some cases unions it was thought that those other companies may be in a tough spot themselves and counting on that money. The government reasoned that it was not the top priority for being repaid, so as not to take funds GM may have owed to other companies(ie employeers).

Also by making itself last in line to be repaid the government knows its no longer necessary to be involved in GM because it would have no debt, or at least no old unpaid debt. If the gov't was first to get paid it may be tempting for some within the government to decide to cut the program short after the gov't was paid, which may undermine the entire purpose for its existence.

Lastly the government wants to take care of workers first, ensure they are employed and getting paid and taken care of fast. The UAW, which I am no fan of, is actually very popular among those auto workers and they often look to it to keep them afloat during hard times.

Now was there opportunity for political dealings of a dubious nature between UAW and the gov't? Yes. Did it happen? Maybe. However even the way auto workers feel about their union and political realities, the union is a very powerful player and could make things very difficult for rebuilding GM, the simple fact that the UAW is towards the head of the line to be repaid isn't proof there's back room dealings going on.
Click to expand...

The UAW is part of the Leftist Coalition. I would never buy a car made by American union members. Don't help the enemy.
 
Re: GM's union recovering after stock sale Taxpayers and investors not as fortunate a

So conspiracies and some guy named glen reynolds? Nothing else?
 
Re: GM's union recovering after stock sale Taxpayers and investors not as fortunate a

Albert Di Salvo said:
The UAW is part of the Leftist Coalition. I would never buy a car made by American union members. Don't help the enemy.
Click to expand...

I am not a fan of unions, but unions are not "the enemy". They are made up of just normal folks.
 
Re: GM's union recovering after stock sale Taxpayers and investors not as fortunate a

Redress said:
I am not a fan of unions, but unions are not "the enemy". They are made up of just normal folks.
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America is divided into two warring camps, each of which is composed of a coalition of special interest groups. The UAW is part of the leftist coalition. Just like the oil and gas industry is part of the conservative coalition.

The primary purpose of each coalition of special interests is to seize control of the various agencies and instrumentalities of the federal govt. in order to feed at the federal trough. Nothing else matters to them.

Neither coalition of special interests is capable of permitting the political system to adapt and reform in order to survive changed circumstances in the world.

Feeding at the federal trough is more important than reforming the political system. Thus, the political system cannot be reformed.

The political status quo will remain unchanged until the system collapses. Political collapse may also bring economic collapse. Either way, there will be some form of gradual slide to oblivion.

The collapse will discredit everyone associated with these two coalitions. Rebirth and renewal will remain inchoate until the collapse clears the field for them.
 
Re: GM's union recovering after stock sale Taxpayers and investors not as fortunate a

There is no war. I am not at war with any one in this country, nor are most people. Those who engage in over the top rhetoric like "war" do more harm for their causes than good.
 
Re: GM's union recovering after stock sale Taxpayers and investors not as fortunate a

Wiseone said:
So conspiracies and some guy named glen reynolds? Nothing else?
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No facts Obama apologists refuse to admit
 
Re: GM's union recovering after stock sale Taxpayers and investors not as fortunate a

Redress said:
I am not a fan of unions, but unions are not "the enemy". They are made up of just normal folks.
Click to expand...

They are run by democrats that care more about politics than the members
 
Re: GM's union recovering after stock sale Taxpayers and investors not as fortunate a

ptif219 said:
They are run by democrats that care more about politics than the members
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Which is why a union member typically makes more money then a non union member for the same position of course
 
Re: GM's union recovering after stock sale Taxpayers and investors not as fortunate a

Lord Tammerlain said:
Which is why a union member typically makes more money then a non union member for the same position of course
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Which is why Obama set up the GM bamkruptcy to benefit the unions at taxpayers expense
 
Re: GM's union recovering after stock sale Taxpayers and investors not as fortunate a

ptif219 said:
Which is why Obama set up the GM bamkruptcy to benefit the unions at taxpayers expense
Click to expand...

So in other words to benifit the union members then
 
Re: GM's union recovering after stock sale Taxpayers and investors not as fortunate a

Lord Tammerlain said:
So in other words to benifit the union members then
Click to expand...

ptif said:
The GM bailout was not for GM or the workers but was for the unions that helped get Obama elected
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Union members apparently aren't workers or part of the unions silly.
 
Re: GM's union recovering after stock sale Taxpayers and investors not as fortunate a

Lord Tammerlain said:
Which is why a union member typically makes more money then a non union member for the same position of course
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Most unions have priced themselves out of a job. How much does an unemployed union member make?
 
Re: GM's union recovering after stock sale Taxpayers and investors not as fortunate a

apdst said:
Most unions have priced themselves out of a job. How much does an unemployed union member make?
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The same as any other unemployed person of course.

And if course unions are pricing their members of the market, they are not all powerfull entities destroying the US
 
Re: GM's union recovering after stock sale Taxpayers and investors not as fortunate a

ptif219 said:
No facts Obama apologists refuse to admit
Click to expand...

When you get some facts, get back to us.
 
Re: GM's union recovering after stock sale Taxpayers and investors not as fortunate a

apdst said:
Most unions have priced themselves out of a job. How much does an unemployed union member make?
Click to expand...

To an extent this is true, and part of why there are far fewer people in unions these days. Over time this will continue until some sort of balance is achieved.
 
Re: GM's union recovering after stock sale Taxpayers and investors not as fortunate a

ptif219 said:
You think it will make it to members?
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Retired ones yes, and those seeking medical care
 
Re: GM's union recovering after stock sale Taxpayers and investors not as fortunate a

Lord Tammerlain said:
Retired ones yes, and those seeking medical care
Click to expand...

Good luck with that


1199SEIU to Drop Health Coverage for Workers' Children - Metropolis - WSJ

One of the largest union-administered health-insurance funds in New York is dropping coverage for the children of more than 30,000 low-wage home attendants, union officials said. The union blamed financial problems it said were caused by the state’s health department and new national health-insurance requirements.

The fund is administered by 1199SEIU United Healthcare Workers East, an affiliate of the Service Employees International Union. Union officials said the state compelled the fund to start buying coverage from a third party, which increased premiums by 60%. State health officials denied forcing the union fund to make the switch, saying the fund had been struggling financially even before the switch to third-party coverage.
 
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