Editor’s Note – Unions always seem to benefit from legislation coming from the Progressive Left.
I’m sure it has absolutely nothing to do with the hundreds of millions of dollars the unions contribute to the Progressive Socialist Party, formerly known as the Democrat Party.
Leaves you to wonder if we’ll ever be able to rise above the corruption that now permeats American politics?
GM’s Union Recovering After Stock Sale
Taxpayers and investors not as fortunate as UAW
By Patrice Hill
The Washington Times
General Motors Co.‘s recent stock offering was staged to start paying back the government for its $50 billion bailout, but one group made out much better than the taxpayers or other investors: the company’s union.
Thanks to a generous share of GM stock obtained in the company’s 2009 bankruptcy settlement, the United Auto Workers is well on its way to recouping the billions of dollars GM owed it — putting it far ahead of taxpayers who have recouped only about 30 percent of their investment and further still ahead of investors in the old GM who have received nothing.
The boon for the union fits the pattern established when the White House pushed GM into bankruptcy and steered it through the courts in a way that consistently put the interests of the union ahead of many suppliers, dealers and investors — stakeholders that ordinarily would have fared as well or better under the bankruptcy laws.
“Priority one was serving the interests of the UAW” when the White House’s auto task force engineered the bankruptcy, said Glenn Reynolds, an analyst at CreditSights. The stock offering served to show once again how the White House has handsomely rewarded its political allies, he said.
The union’s health care and pension trust fund earned $3.4 billion through the sale of one-third of its shares in GM last week. Analysts estimate that it would break even if it sells the remaining two-thirds of its shares at an average price of $36 — close to where the stock traded shortly after the offering hit the market. GM shares closed at $33.45 on Wednesday.
Read More – http://www.washingtontimes.com/news/2010/nov/25/gms-union-on-road-to-recovery-after-stock-sale/
DONATE TO BIZPAC REVIEW
Please help us! If you are fed up with letting radical big tech execs, phony fact-checkers, tyrannical liberals and a lying mainstream media have unprecedented power over your news please consider making a donation to BPR to help us fight them. Now is the time. Truth has never been more critical!
- Did Sunny Hostin just admit on air to breaking the law by voting for her son? - November 8, 2022
- Stacey Abrams justifies trailing in the polls by suggesting black men are too stupid to back her - November 7, 2022
- Kevin McCarthy has message for Pelosi telling Dems to ‘change the subject’ away from inflation - October 24, 2022
We have no tolerance for comments containing violence, racism, profanity, vulgarity, doxing, or discourteous behavior. If a comment is spam, instead of replying to it please click the ∨ icon below and to the right of that comment. Thank you for partnering with us to maintain fruitful conversation.