I was going to post that, apparently, Ford was to be this year’s strike target for the UAW in its triennial contract renegotiations but it’s beginning to look as though that’s been postponed for a while:
The United Auto Workers has backed away from a potential strike at the Ford Motor Co. by approving an indefinite contract extension with the automaker.
The current UAW contract was scheduled to expire at 11:59 p.m. Wednesday and the union could have automatically called a strike. Union members approved a strike at Ford earlier this month.
“I can confirm that Ford and the UAW have agreed to continue bargaining past the expiration of the current contract in an effort to reach a tentative agreement that is in the best interest of both parties,†said Ford spokeswoman Marcey Evans.
The negotiations are characterized as having “lacked intensity”. I would think so. This isn’t exactly the greatest year for tough bargaining. Picking the only U. S. auto company that hasn’t received a bailout from the federal government and pounding on it doesn’t sound like that great a strategy to me.
You worry too much. If they strike and Ford goes under just screw the senior financial claimants and give the equity to Obama’s union buddies.
And if the venue is solar, just screw the taxpayer’s backstop of the bargained priced senior securities……….and protect your campaign contributors’ junior postions.
I know it goes against all corporate finance and credit practices in all of history known to man, – and any concept of fiduciary duty or sense of equity- but what could go wrong? Obama is the messiah, and oh, so, smart, and oh, so, well intended. He is the one we have been waiting for……..to coin a phrase. So its OK. Relax.
Drew, aren’t those win-win-win scenarios?