The Truth About Cars » VEBA http://www.thetruthaboutcars.com The Truth About Cars is dedicated to providing candid, unbiased automobile reviews and the latest in auto industry news. Sat, 06 Feb 2016 17:30:53 +0000 en-US hourly 1 http://wordpress.org/?v=4.2.4 The Truth About Cars is dedicated to providing candid, unbiased automobile reviews and the latest in auto industry news. The Truth About Cars no The Truth About Cars editors@ttac.com editors@ttac.com (The Truth About Cars) 2006-2009 The Truth About Cars The Truth About Cars » VEBA http://www.thetruthaboutcars.com/wp-content/themes/ttac-theme/images/logo.gif http://www.thetruthaboutcars.com UAW Retiree Medical Fund Reports $20.7B Shortfall http://www.thetruthaboutcars.com/2015/10/uaw-retiree-medical-fund-reports-20-7b-shortfall/ http://www.thetruthaboutcars.com/2015/10/uaw-retiree-medical-fund-reports-20-7b-shortfall/#comments Wed, 14 Oct 2015 17:00:27 +0000 http://www.thetruthaboutcars.com/?p=1195626 A United Auto Worker retiree medical fund created to reduce healthcare costs and increase services for more than 700,000 people reported a $20.7 billion difference between assets and future liabilities, Bloomberg reported Wednesday (via Automotive News). The shortfall increased by more than $16 billion over the last report. A similar system proposed for Fiat Chrysler […]

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A United Auto Worker retiree medical fund created to reduce healthcare costs and increase services for more than 700,000 people reported a $20.7 billion difference between assets and future liabilities, Bloomberg reported Wednesday (via Automotive News). The shortfall increased by more than $16 billion over the last report. A similar system proposed for Fiat Chrysler […]

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Big Three Health Care Co-op Could Change How You Buy a Car, Get Surgery http://www.thetruthaboutcars.com/2015/09/big-three-health-care-co-op-change-buy-car-get-surgery/ http://www.thetruthaboutcars.com/2015/09/big-three-health-care-co-op-change-buy-car-get-surgery/#comments Thu, 03 Sep 2015 14:20:58 +0000 http://www.thetruthaboutcars.com/?p=1159426 Automakers may try to negotiate a massive health care co-op with the United Auto Workers — similar to the one it has with its retirees — and potentially change private health care in the U.S., Bloomberg is reporting. At issue are the roughly 300,000 workers and beneficiaries, and 750,000 retirees and their families who rely on […]

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Automakers may try to negotiate a massive health care co-op with the United Auto Workers — similar to the one it has with its retirees — and potentially change private health care in the U.S., Bloomberg is reporting. At issue are the roughly 300,000 workers and beneficiaries, and 750,000 retirees and their families who rely on […]

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Fiat Says No Chrysler IPO Before 2014 http://www.thetruthaboutcars.com/2013/11/fiat-says-no-chrysler-ipo-before-2014/ http://www.thetruthaboutcars.com/2013/11/fiat-says-no-chrysler-ipo-before-2014/#comments Tue, 26 Nov 2013 11:30:54 +0000 http://www.thetruthaboutcars.com/?p=663890 Though Chrysler-Fiat CEO Sergio Marchionne had previously said that an initial public offering of Chrysler stock could take place by the end of 2013, the Italian automaker announced that stock sale will not take place before the new year. “The Board of Directors of Chrysler Group … has determined that it will not be practicable for Chrysler […]

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Though Chrysler-Fiat CEO Sergio Marchionne had previously said that an initial public offering of Chrysler stock could take place by the end of 2013, the Italian automaker announced that stock sale will not take place before the new year. “The Board of Directors of Chrysler Group … has determined that it will not be practicable for Chrysler […]

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Nine Speeds Of Grey: What’s Really Going On With Cherokee Transmissions? http://www.thetruthaboutcars.com/2013/10/nine-speeds-of-grey-whats-really-going-on-with-cherokee-transmissions/ http://www.thetruthaboutcars.com/2013/10/nine-speeds-of-grey-whats-really-going-on-with-cherokee-transmissions/#comments Thu, 17 Oct 2013 20:00:03 +0000 http://www.thetruthaboutcars.com/?p=626681 As the plot thickens in Toledo and un-shipped Cherokees start to pile up in the storage lots, there’s a new conspiracy theory being passed around to explain Chrysler’s problems. We received this email earlier today, and while we can’t vouch for the writer or the contents, what if he’s right? I was going to send […]

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As the plot thickens in Toledo and un-shipped Cherokees start to pile up in the storage lots, there’s a new conspiracy theory being passed around to explain Chrysler’s problems. We received this email earlier today, and while we can’t vouch for the writer or the contents, what if he’s right? I was going to send […]

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Italian Autoworkers’ Union, Fim Cisl, Sends Delegation to Detroit to Lobby UAW on Chrysler Fiat Merger http://www.thetruthaboutcars.com/2013/10/italian-autoworkers-union-fim-cisl-sends-delegation-to-detroit-to-lobby-uaw-on-chrysler-fiat-merger/ http://www.thetruthaboutcars.com/2013/10/italian-autoworkers-union-fim-cisl-sends-delegation-to-detroit-to-lobby-uaw-on-chrysler-fiat-merger/#comments Thu, 17 Oct 2013 13:49:34 +0000 http://www.thetruthaboutcars.com/?p=626001 The UAW has enlisted the help of the German IG Metall labor union in its effort to organize Volkswagen’s U.S. operations. Now Fiat has apparently gotten the union that represents its Italian workers, Fim Cisl, to reach out to UAW officials in an effort to resolve the issue of just how much Fiat is going […]

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The UAW has enlisted the help of the German IG Metall labor union in its effort to organize Volkswagen’s U.S. operations. Now Fiat has apparently gotten the union that represents its Italian workers, Fim Cisl, to reach out to UAW officials in an effort to resolve the issue of just how much Fiat is going […]

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Trial to Set Price Fiat Will Pay VEBA for Chrysler Shares Scheduled for Sept. 2014 http://www.thetruthaboutcars.com/2013/10/trial-to-set-price-fiat-will-pay-veba-for-chrysler-shares-scheduled-for-sept-2014/ http://www.thetruthaboutcars.com/2013/10/trial-to-set-price-fiat-will-pay-veba-for-chrysler-shares-scheduled-for-sept-2014/#comments Wed, 16 Oct 2013 11:15:47 +0000 http://www.thetruthaboutcars.com/?p=625585 Fiat will have almost a year to negotiate a price for the 41.5% of Chrysler that is owned by the UAW employee health benefits trust. That’s because the Delaware Court of Chancery set a date in September of 2014 for the lawsuit Fiat has filed against the trust, known as VEBA, to determine the sale […]

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Fiat will have almost a year to negotiate a price for the 41.5% of Chrysler that is owned by the UAW employee health benefits trust. That’s because the Delaware Court of Chancery set a date in September of 2014 for the lawsuit Fiat has filed against the trust, known as VEBA, to determine the sale […]

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Under Pressure From UAW VEBA, Chrysler Files For IPO, Fiat Not Thrilled http://www.thetruthaboutcars.com/2013/09/under-pressure-from-uaw-veba-chrysler-files-for-ipo-fiat-not-thrilled/ http://www.thetruthaboutcars.com/2013/09/under-pressure-from-uaw-veba-chrysler-files-for-ipo-fiat-not-thrilled/#comments Tue, 24 Sep 2013 10:30:55 +0000 http://www.thetruthaboutcars.com/?p=526513 After Fiat and Chrysler’s retired UAW workers’ health care benefits trust were unable to agree on a price for the Voluntary Employees Beneficiary Association‘s 41.5% share in the Auburn Hills automaker, at the trust’s request Chrysler has filed initial paperwork for a public stock offering to sell part of the VEBA’s stake, about 16% of […]

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After Fiat and Chrysler’s retired UAW workers’ health care benefits trust were unable to agree on a price for the Voluntary Employees Beneficiary Association‘s 41.5% share in the Auburn Hills automaker, at the trust’s request Chrysler has filed initial paperwork for a public stock offering to sell part of the VEBA’s stake, about 16% of […]

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Marchionne: No Deal Yet For VEBA Shares, Chrysler IPO Would Delay Fiat Merger http://www.thetruthaboutcars.com/2013/09/marchionne-no-deal-yet-for-veba-shares-chrysler-ipo-would-delay-fiat-merger/ http://www.thetruthaboutcars.com/2013/09/marchionne-no-deal-yet-for-veba-shares-chrysler-ipo-would-delay-fiat-merger/#comments Mon, 16 Sep 2013 11:00:46 +0000 http://www.thetruthaboutcars.com/?p=520289 On Friday, Sergio Marchionne, who heads Fiat and Chrysler, told reporters in Milan, Italy that he hasn’t gotten any closer to making a deal with the UAW’s retiree health care trust for Fiat to purchase the VEBA’s shares in Chrysler and take full ownership of the Auburn Hills automaker. The UAW health care trust owns […]

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On Friday, Sergio Marchionne, who heads Fiat and Chrysler, told reporters in Milan, Italy that he hasn’t gotten any closer to making a deal with the UAW’s retiree health care trust for Fiat to purchase the VEBA’s shares in Chrysler and take full ownership of the Auburn Hills automaker. The UAW health care trust owns […]

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Chancery Judge Rejects Fiat’s Valuation of UAW VEBA’s Chrysler Shares, Merger Delayed http://www.thetruthaboutcars.com/2013/07/chancery-judge-rejects-fiats-valuation-of-uaw-vebas-chrysler-shares-merger-delayed/ http://www.thetruthaboutcars.com/2013/07/chancery-judge-rejects-fiats-valuation-of-uaw-vebas-chrysler-shares-merger-delayed/#comments Thu, 01 Aug 2013 01:59:15 +0000 http://www.thetruthaboutcars.com/?p=497685 Sergio Marchionne’s plans to merge Chrysler and Fiat have been delayed because Fiat failed to convince a Delaware Chancery Court judge to set the value of Chrysler stock owned by the UAW’s health care fund known as VEBA. Judge Donald Parsons rejected Fiat’s request to find that a call-option agreement covering at least 54,000 Chrysler shares […]

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Sergio Marchionne’s plans to merge Chrysler and Fiat have been delayed because Fiat failed to convince a Delaware Chancery Court judge to set the value of Chrysler stock owned by the UAW’s health care fund known as VEBA. Judge Donald Parsons rejected Fiat’s request to find that a call-option agreement covering at least 54,000 Chrysler shares […]

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Fiat To Merge With Chrysler When VEBA Case Solved http://www.thetruthaboutcars.com/2013/05/fiat-to-merge-with-chrysler-when-veba-case-solved/ http://www.thetruthaboutcars.com/2013/05/fiat-to-merge-with-chrysler-when-veba-case-solved/#comments Thu, 30 May 2013 12:35:04 +0000 http://www.thetruthaboutcars.com/?p=490020 Fiat can’t wait for a full merger with now again cash-rich and profitable Chrysler, but it will wait until its legal dispute with the UAW’s VEBA healthcare trust has been resolved. “We intend to wait for the Delaware verdict before moving forward on the merger” with Chrysler, Fiat Chairman John Elkann told Reuters. “The verdict […]

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Fiat can’t wait for a full merger with now again cash-rich and profitable Chrysler, but it will wait until its legal dispute with the UAW’s VEBA healthcare trust has been resolved. “We intend to wait for the Delaware verdict before moving forward on the merger” with Chrysler, Fiat Chairman John Elkann told Reuters. “The verdict […]

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Analysis: VEBA, The UAW And The Warren Walkout http://www.thetruthaboutcars.com/2013/03/analysis-veba-the-uaw-and-the-warren-walkout/ http://www.thetruthaboutcars.com/2013/03/analysis-veba-the-uaw-and-the-warren-walkout/#comments Mon, 04 Mar 2013 18:45:12 +0000 http://www.thetruthaboutcars.com/?p=479965 The 12-person protest that took place at Chrysler’s Warren, Michgan truck plant got little notice in the automotive news cycle, save for a couple of mentions on the usual aggregators. In truth, it’s not the juiciest story to sell in this click-driven wasteland, though these stories tend to raise the most interesting questions. This example […]

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The 12-person protest that took place at Chrysler’s Warren, Michgan truck plant got little notice in the automotive news cycle, save for a couple of mentions on the usual aggregators. In truth, it’s not the juiciest story to sell in this click-driven wasteland, though these stories tend to raise the most interesting questions. This example […]

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UAW: We Shall Not Be Moved To Sell http://www.thetruthaboutcars.com/2012/11/uaw-we-shall-not-be-moved-to-sell/ http://www.thetruthaboutcars.com/2012/11/uaw-we-shall-not-be-moved-to-sell/#comments Tue, 13 Nov 2012 12:43:07 +0000 http://www.thetruthaboutcars.com/?p=466736 Sergio Marchionne can’t wait to get his hands  on the 41.5 percent of Chrysler, which are in the hands of the UAW’s VEBA trust. Once Fiat is in total control, Fiat and Chrysler could be merged, and the cash could be used to … but you know the drill from years back. Currently at stake […]

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Sergio Marchionne can’t wait to get his hands  on the 41.5 percent of Chrysler, which are in the hands of the UAW’s VEBA trust. Once Fiat is in total control, Fiat and Chrysler could be merged, and the cash could be used to … but you know the drill from years back. Currently at stake […]

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VEBA Shortfalls And Rising Health Care Costs: A Recipe For Disaster http://www.thetruthaboutcars.com/2012/10/veba-shortfalls-and-rising-health-case-costs/ http://www.thetruthaboutcars.com/2012/10/veba-shortfalls-and-rising-health-case-costs/#comments Thu, 18 Oct 2012 19:14:11 +0000 http://www.thetruthaboutcars.com/?p=464196 The Voluntary Employee Beneficiary Association, or VEBA, was initiated as a way to get retiree healthcare costs off the books of Detroit’s auto makers. While VEBA makes balance sheets look better, they are still an exorbitant legacy costs for the Big Three, and things are about to get a lot worse. Reuters reports that a […]

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The Voluntary Employee Beneficiary Association, or VEBA, was initiated as a way to get retiree healthcare costs off the books of Detroit’s auto makers. While VEBA makes balance sheets look better, they are still an exorbitant legacy costs for the Big Three, and things are about to get a lot worse. Reuters reports that a […]

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GM To Buy Government Preferred Stock http://www.thetruthaboutcars.com/2010/10/gm-to-buy-government-preferred-stock/ http://www.thetruthaboutcars.com/2010/10/gm-to-buy-government-preferred-stock/#comments Thu, 28 Oct 2010 17:28:26 +0000 http://www.thetruthaboutcars.com/?p=370611 News that the government will sell only $6b-$8b worth of its GM equity has been joined by an even more surprising GM IPO announcement: GM will buy the Treasury’s entire $2.1b holding of preferred stock in the initial offering. GM has not announced how much it will pay for the stake, and the Detroit News […]

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News that the government will sell only $6b-$8b worth of its GM equity has been joined by an even more surprising GM IPO announcement: GM will buy the Treasury’s entire $2.1b holding of preferred stock in the initial offering. GM has not announced how much it will pay for the stake, and the Detroit News […]

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GM To UAW: Take This Job And Keep It http://www.thetruthaboutcars.com/2010/05/gm-to-uaw-take-this-job-and-keep-it/ http://www.thetruthaboutcars.com/2010/05/gm-to-uaw-take-this-job-and-keep-it/#comments Wed, 19 May 2010 21:11:30 +0000 http://www.thetruthaboutcars.com/?p=356949 When the music finally stopped at Old GM, the UAW’s VEBA fund was left holding a lot of IOUs. On those merits, the union’s benefit trust was given about 17.5 percent of the equity in the bailed-out and re-organized New GM. UAW leadership has always maintained that having its membership’s benefits staked on the company’s […]

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When the music finally stopped at Old GM, the UAW’s VEBA fund was left holding a lot of IOUs. On those merits, the union’s benefit trust was given about 17.5 percent of the equity in the bailed-out and re-organized New GM. UAW leadership has always maintained that having its membership’s benefits staked on the company’s […]

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GM Sued By UAW For $450m Delphi VEBA Shortfall http://www.thetruthaboutcars.com/2010/04/gm-sued-by-uaw-for-450m-delphi-veba-shortfall/ http://www.thetruthaboutcars.com/2010/04/gm-sued-by-uaw-for-450m-delphi-veba-shortfall/#comments Wed, 07 Apr 2010 17:59:39 +0000 http://www.thetruthaboutcars.com/?p=351723 As if to confirm that GM’s  benefit obligation situation could actually be worse than today’s GAO report lets on, Automotive News [sub] is reporting that the UAW has sued GM over $450m in unfunded healthcare obligations for Delphi retirees. GM promised to fund a $450m Voluntary Employee Benefit Association for Delphi retirees in 2007, and […]

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As if to confirm that GM’s  benefit obligation situation could actually be worse than today’s GAO report lets on, Automotive News [sub] is reporting that the UAW has sued GM over $450m in unfunded healthcare obligations for Delphi retirees. GM promised to fund a $450m Voluntary Employee Benefit Association for Delphi retirees in 2007, and […]

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With GM And Chrysler IPOs AWOL, VEBA Auctions Ford Stock Warrants http://www.thetruthaboutcars.com/2010/03/with-gm-and-chrysler-ipos-awol-veba-auctions-ford-stock-warrants/ http://www.thetruthaboutcars.com/2010/03/with-gm-and-chrysler-ipos-awol-veba-auctions-ford-stock-warrants/#comments Mon, 29 Mar 2010 18:46:35 +0000 http://www.thetruthaboutcars.com/?p=350669 The UAW’s VEBA health care trust fund currently owns 17.5 percent of GM and 55 percent of Chrysler, but with IPO plans still nebulous at both, the fund is short on options for improving cash flow. Remember, the union doesn’t want to own these companies… it would have preferred cash, thanks. But since bailout negotiations […]

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The UAW’s VEBA health care trust fund currently owns 17.5 percent of GM and 55 percent of Chrysler, but with IPO plans still nebulous at both, the fund is short on options for improving cash flow. Remember, the union doesn’t want to own these companies… it would have preferred cash, thanks. But since bailout negotiations […]

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GM To Pay UAW VEBA Director $900k For Advice http://www.thetruthaboutcars.com/2010/01/gm-to-pay-uaw-veba-director-900k-for-advice/ http://www.thetruthaboutcars.com/2010/01/gm-to-pay-uaw-veba-director-900k-for-advice/#comments Fri, 15 Jan 2010 23:44:39 +0000 http://www.thetruthaboutcars.com/?p=341991 A lot of what you hear about Steve Girsky sounds decidedly positive: an outspoken critic of GM, Girsky lasted less than a year as Rick Wagoner’s “roving aide-de-camp,” reportedly due to frustration with management heel-dragging. He even earned TTAC’s “lesser-of-two-evils” endorsement to be Presidential Car Czar over Steve “Chooch” Rattner. When he was appointed to […]

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A lot of what you hear about Steve Girsky sounds decidedly positive: an outspoken critic of GM, Girsky lasted less than a year as Rick Wagoner’s “roving aide-de-camp,” reportedly due to frustration with management heel-dragging. He even earned TTAC’s “lesser-of-two-evils” endorsement to be Presidential Car Czar over Steve “Chooch” Rattner. When he was appointed to […]

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Ford Completes $13.2b Health Care Liability Transfer To VEBA http://www.thetruthaboutcars.com/2010/01/ford-completes-13-2b-health-care-liability-transfer-to-veba/ http://www.thetruthaboutcars.com/2010/01/ford-completes-13-2b-health-care-liability-transfer-to-veba/#comments Mon, 04 Jan 2010 23:04:17 +0000 http://www.thetruthaboutcars.com/?p=340712 Ford has wrapped up some much-needed financial wrangling today, as it struggles with with its monstrous pile of debt. According to Automotive News [sub], Ford transferred $13.2b in debt and about $4b in cash to the UAW-run health care trust fund, completing a long-awaited liability consolidation. $1.4b of the transfer was a scheduled payment on […]

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Ford has wrapped up some much-needed financial wrangling today, as it struggles with with its monstrous pile of debt. According to Automotive News [sub], Ford transferred $13.2b in debt and about $4b in cash to the UAW-run health care trust fund, completing a long-awaited liability consolidation. $1.4b of the transfer was a scheduled payment on […]

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