RE: Re: Re: [Pen-l] labor and the auto companies

["David B. Shemano" <dshemano@xxxxxxxxxx>]

Raghu asks:

>> That's a bum deal for UAW. You are suggesting that they should be
>> stuck with an insolvent company and the difficult choice of whether to
>> screw your creditors or your retirees. One way or another, these
>> companies need a bailout. The choice is: who's in charge of the
>> company after the bailout? Do you or do you not support the workers
>> being in charge of the company?

I have absolutely no problem with the workers owning the company as part of the restructuring/reorganization/bankruptcy/bailout.  I am sure the other creditors would be thrilled if the workers exchanged a significant portion of their debt (e.g., retirement obligations) for equity in "New GM."  

David Shemano
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