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Strategies & Market Trends : Mish's Global Economic Trend Analysis -- Ignore unavailable to you. Want to Upgrade?

To: mishedlo who wrote (45882)	2/5/2006 4:37:26 PM
From: Crimson Ghost	Read Replies (1) \| Respond to of 116555

McCain or Kerry! McCain is an even worse warmonger than Bush so no need to swiftboat him.

To: mishedlo who wrote (45882)	2/6/2006 1:09:14 AM
From: shades	Respond to of 116555

=DJ UAW Chief Urges GM Dividend Reduction, Exec Pay Cut are we finally seeing a change - robin hood times a coming? less for the shareholders and ceo? By John D. Stoll Of DOW JONES NEWSWIRES WASHINGTON (Dow Jones)--The head of the United Auto Workers union on Sunday said he is in favor of General Motors Corp. (GM) adopting some of the steps recently proposed by billionaire investor Kirk Kerkorian. UAW President Ron Gettelfinger, speaking with reporters on the sidelines of a UAW political conference here, said the UAW has already taken the hit needed to help restore GM to health by granting the No.1 auto maker significant health care concessions. Now, he said, GM's executives and board members should share with sacrifices of their own. "We have said it has to be all in," Gettelfiner said, referring to the UAW's demand that GM cut expenses other than labor-related items such as wages and benefits. "We certainly support cutting the dividends, we support cutting the executives' compensation, and we support, by the way, cutting the board's compensation." Last month during a speech in Detroit, Kerkorian associate Jerome York called for GM executives to go into crisis mode to restore health at the ailing auto maker, which is losing billions of dollars in its North American operations as foreign rivals with leaner cost structures gobble up market share. York called on GM to halve its $2 annual dividend, slash pay for top executives and board members and trim its portfolio of brands. GM's board of directors is slated to meet on Monday. GM spokeswoman Toni Simonetti on Sunday said in an e-mail that the first-quarter dividend amount will be on the board's agenda this week, but declined to say what other items will be discussed. Gettelfinger said he supported York's demand that GM adopt an "equality of sacrifice" approach. When asked if he supported the possibility of York being given a seat on GM's board, Gettelfinger said, "I don't really get into supporting or not supporting their board members. That's their business." Late last year GM and Tracinda were in discussions about the possibility of York joining the board of directors, but talks broke down. GM has said it remains open to the possibility of having York, a former finance executive at Chrysler and IBM, on its board. Kerkorian's Tracinda Corp. investment vehicle is GM's third-largest shareholder. Last month Kerkorian reacquired 12 million shares in the auto maker, putting his stake back at 9.9%. York said during the speech last month that Kerkorian would be interested in acquiring an additional 12 million shares if the auto maker continues to take aggressive and effective action to improve its performance. He also said that GM and the UAW must work together to build a stronger partnership that will help solve the problems facing GM and the rest of the auto industry. -By John D. Stoll, Dow Jones Newswires; (313) 510 5002; john.stoll@dowjones.com

To: mishedlo who wrote (45882)	2/6/2006 1:10:48 AM
From: shades	Respond to of 116555

Jimmy Hoffa goes to washington: DJ US Auto Workers Setting New Legislative Strategies I thought they were supposed to go to ITT tech and get retrained as genetic engineers - not go to schumer and ask for new protectionism? WASHINGTON (AP)--U.S. auto workers, struggling with the recent announcements of massive job cuts at General Motors Corp. (GM) and Ford Motor Co. (F), need to take "serious actions" to strengthen the nation's manufacturing base and help working people, the union's president said Sunday. United Auto Workers president Ron Gettelfinger told about 1,600 union political activists Sunday that the union had "no choice but to dig in for the fight" for a better legislative agenda amid rising health care costs, troubling trade policies and job cuts. "We cannot sugarcoat what we're facing as working people and as a nation. These are very serious times and it is time for us to take very serious actions," Gettelfinger said. "If we don't stand up, who will?" His address, opening the union's four-day conference, comes at a difficult time for an industry struggling under intense competition in the North America market and rising costs for labor and raw materials. Delphi Corp. (DPH), GM's former parts division, filed for bankruptcy last fall and is seeking steep wage cuts from workers. GM and Ford have outlined restructuring plans that will eliminate at least 64,000 jobs in the next six years. Gettelfinger, in a pre-Super Bowl address, urged a universal health care system, measures to fight unfair trade practices, support for incentives to make ethanol more widely available and tax credits for gasoline-electric hybrid vehicles. "We have to find ways to reach out to those who do not agree with us as well as those who have given up on participating in politics. We cannot just talk to ourselves - the stakes are too high," he said. Most of the plant closures and job cuts detailed by Ford and GM must be negotiated with the UAW in 2007, when car makers and the UAW write a new contract. While UAW membership has fallen in recent years, the union still represents 1.1 million people and wields considerable clout. The UAW agreed to cut GM's and Ford's costs last year by requiring autoworkers and retirees to pay more for their health care. The change passed on close votes and the union is reviewing similar requests from Chrysler Group, a division of DaimlerChrysler AG (DCX). Gettelfinger told reporters that "no decisions" have been made in the Chrysler talks. He has said the concessions were necessary at Ford and GM because both companies had lost U.S. market share. By contrast, Chrysler's market share was up 5% and workers at the division may not approve any concessions. Speaking to delegates, Gettelfinger said "the easy thing to do would have been to do nothing" and he took "full responsibility" for the final decision on the GM and Ford health care agreements. He said preliminary discussions with Delphi have been ongoing and expressed optimism: "At least we're talking. That's progress from where we had been." But Gettelfinger said if the bankruptcy court approves financial bonuses for Delphi executives, a decision that could come this week, "it's not going to fly with the membership." Union members are expected to hear this week from Democratic Sens. Hillary Rodham Clinton of New York and Evan Bayh of Indiana, both potential presidential candidates in 2008, and Democratic National Committee chairman Howard Dean. On the Net: United Auto Workers: uaw.org