I suppose that this shouldn't be a surprise given the number of "Chicago Boys" in the Obama administration.
Washington -- General Motors Corp. won't terminate its hourly pension plan, the United Auto Workers union told its members today -- a move that could have cost retirees thousands of dollars in lost benefits.
But the union disclosed that both the Obama administration and GM, during the course of negotiations aimed at restructuring the company, had sought to terminate the company's underfunded hourly pension plan.
"At various points in the process, the company, the government and other creditor groups argued that the pension plan covering UAW retirees should be terminated," the UAW said in a fact sheet urging its members to approve a labor concession deal.
Unreal! 17.5% UAW equity stake, reduced
That's worst than what a bankruptcy judge would do, no?
What about this?
Instead of a large equity stake in GM, the UAW was reduced to only 17.5%...
didn't the UAW make huge concessions earlier for a large equity stake and isn't this also a shafting of the auto workers?
As UAW fades, so does a path to U.S. prosperity
From Reuters: As UAW fades, so does a path to U.S. prosperity