The United Auto Workers (UAW) strike has already has idled six GM assembly plants. A seventh factory ceases work today: the Wentzville, Missouri plant where The General builds full-sized vans. The Detroit Free Press reports that the UAW will soon stop production at the Janesville, Wisconsin plant, halting production of Tahoes and Yukons. Barring resolution of the union's industrial action by Monday, GM will shut down the Romulus (MI) Engine, Saganaw (MI) Metal Casting, Moraine (OH) engine plant and its Toledo (OH) Transmission plant. Again, even if the UAW settles at American Axle, the downtime will cost GM tens of millions of dollars, and threatens to drive secondary suppliers to the wall. Meanwhile, GM CEO Rick Wagoner received a 33 percent raise to $2.2m p.a.
7 Comments on “American Axle Strike Idles Seventh GM Factory, More to Follow...”
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Bad news as Rick’s golden parachute unfolds…
One of the many things which is rotten to the core in modern America is executive pay. It is completely unconscionable for these guys, and most are guys, to be giving themselves big pay packages while the rank and file blue and white collar workers are seeing their lives torn to shreds.
“I’ve got mine, the **** with you” is not an attitude upon which great societies are built.
Oh no, but the rank and file shouldn’t be making so much. They should be lucky their jobs aren’t shipped overseas to people who would gladly do the job for cheaper.
[/sarcasm]
Wagoner is probably getting the money up front. He knows something we don’t.
“Wagoner is probably getting the money up front. He knows something we don’t.”
A year or two ago GM changed the compensation plan for Wagoner and others near that level to be less weighted in stock and more in cash. So yes, he knows what’s coming. I guess the next thing we’ll see are huge bonuses for him and Lutz to keep Toyota/Honda from hiring them away.
“I guess the next thing we’ll see are huge bonuses for him and Lutz to keep Toyota/Honda from hiring them away.”
You were making a joke?
“I guess the next thing we’ll see are huge bonuses for him and Lutz to keep Toyota/Honda from hiring them away.”
Who in their right mind would hire them to manage anything. THat doesn’t explain Nardelli though.
To any of you in the know, Justin maybe, could GM file for an “Injunction” throught the court system, requiring them to get back to work without a resolved contract, because of the economic disruptions caused down the line. Hasn’t that sort of thing happened in the past.