Morning Bell (Heritage Foundation),February 28, 2011-
Did you know that there are no Volkswagen manufacturing plants in the Detroit area? Or Mercedes-Benz? Or Kia? Or Hyundai? Or BMW, for that matter? The Motor City has a well-earned reputation for having the greatest auto workers in the nation, yet honorable Michiganders largely build cars for only three companies.
Apart from having their cars assembled in Michigan, it turns out that those three companies have something else in common: the United Auto Workers union (UAW). It also turns out that every other car manufacturer has something in common, too: not wanting the UAW to do to them what it did to the Big Three.
from LaborUnionReport.com, January 9, 2012 – You may remember how, during the Obama-structured bankruptcies of General Motors and Chrysler, shareholders were shoved to the side by the UAW’s retiree benefit trust (called a VEBA), which assumed partial ownership of GM and majority ownership of Chrysler. That was in addition to the American taxpayers pumping in billions to the American auto companies.
Well, as it turns out, the UAW’s retiree benefit trust is, according to Crain’s, still running in the red: Continue reading →