UAW strike fund nearly $1 billion

Delphi Update -About Lunch Time 11/29/2005

I'm not sure I'm getting this all right folks; then again, I'm not sure anybody really has a handle on this. I'm not going to post links to all the news items, you can look them up and read them. First off. Delphi locals are engaged in informational picketing in plants across the country today. They are highlighting inequities in Steve "pompatus of bankruptcy" Miller's demand for $12/hour wages with contemporaneous requests for millions in executive retention bonuses.

In other news, Delphi has rolled back the deadline for asking the bankruptcy court to approve its proposal to reduce the hourly wages citing unspecified "progress" with General Motors. Part of that progress is GM's announcement that it will reverse the parts discounts that it demanded from Delphi earlier in the year. The roll-back of the contract demand (and the resultant strike) deadline appears to have been an acknowledgement that a pre-Christmas strike would not only be bad news but it would kabosh end-of-year sales, and would destroy any good press that GM could get from the Detroit Auto Show in early January. This might have something to do with the fact that the UAW announced that it has a $1 Billion strike fund. The new deadline is January 20th.

Delphi wants GM to finance early retirement for Delphi workers and also give laid-off Delphi workers "flow back" rights to GM. Needless to say, GM needs these costs like it needs another Pontiac Aztek.

UAW strike fund nearly $1 billion