tag:blogger.com,1999:blog-2182962435875556601.post4283675486883122536..comments2023-09-24T08:04:06.909-04:00Comments on FSK's Guide to Reality: Analysis of UAW and GM ContractFSKhttp://www.blogger.com/profile/11903396202330950362noreply@blogger.comBlogger1125tag:blogger.com,1999:blog-2182962435875556601.post-83484382940696645322007-09-28T02:47:00.000-04:002007-09-28T02:47:00.000-04:00Thanks for the link, FSK. I think GM workers shou...Thanks for the link, FSK. I think GM workers should have demanded the same rights as any other creditor who got the shaft. One possibility might have been shares of stock to compensate for the amount of their pensions defaulted on. I don't know how much GM stock is held by the corporation, but if necessary every share of it ought to be forfeited to the workers.<BR/><BR/>I've noticed that the people who tsk-tsk the most about the "unreasonable" levels of auto worker compensation are the same ones who defend skyrocketing executive compensation, with CEO pay growing over the past 20 years from 40 times to 500 times the pay of the average worker. And management salaries today are around 40% of total compensation to labor, as opposed to about 27% in the late '70s. Never hear them blamed for the industry's problems, for some reason. Golly, dya think maybe they get pensions, too?<BR/><BR/>BTW, it's quite possible that GM will get out of the business of actually making cars. As Eric Husman of Grim Reader blog observed, it's not much of an exaggeration to say the only part of a GM car actually built in a GM plant is the hood ornament. Almost their entire profit stream comes from the auto financing arm rather than production. As Husman also pointed out, most of their profits in "good" years probably comes from the sale of another couple of plants.Kevin Carsonhttps://www.blogger.com/profile/07525803609000364993noreply@blogger.com