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Politics : Formerly About Advanced Micro Devices -- Ignore unavailable to you. Want to Upgrade?

To: tejek who wrote (467990)	4/1/2009 4:29:53 PM
From: i-node	Read Replies (1) \| Respond to of 1577837

>> owever, in the second paragraph you claim that some unions are evil because they try to get the best wage [profit] for their workers. They're evil because they used legalized extortion to take money from their employers. And the end result is this mess they've created for the American auto industry and their own constituencies. You don't get it. Don't even try.

To: tejek who wrote (467990)	4/1/2009 8:40:39 PM
From: Joe NYC	2 Recommendations Read Replies (2) \| Respond to of 1577837

Ted, In the first paragraph up above, you tell us that mgmt took the easy way out and went for short term profitability. Apparently, in your book, that's good because its what a good capitalist does. I think you missed David's point. First, he does not approve the management practice of short term profitability at expense of long term pain. Second, you misunderstood what he meant by short term profitability. It means giving to the union, rather taking a strike. A strike will destroy quarterly financials, but a better deal (or no deal) with strikers will improve long term viability of the company. The management took one short term profit after another (meaning they gave in to the outrageous demands of UAW again and again) and every single one of those contracts of capitulation to UAW turned out to be another nail in the coffins of the car makers. That's what David meant by "[not] fulfilling their fiduciary responsibilities to shareholders" Joe