Glick Report
  • February 24, 2009 11:59 AM EST by Alexis Glick

    UAW Chief on Recent Ford Deal

    This morning on a First on FOX Business Ron Gettelfinger the UAW President joined me to discuss the late breaking news yesterday about a deal between the UAW and Ford on the VEBA (Voluntary Employee Beneficiary Association). Apparently, the UAW has conceded that they will accept 50% of the $13.6 billion in VEBA benefits in stock.

    This morning I asked Gettelfinger about that deal and whether a similar deal is in the works with GM and Chrysler. At this time, VEBA benefits for the Detroit three amount to $40 billion. Today he is meeting with members of the Union to review that Ford deal. When I asked if the auto task force (Geithner, Summers, Bloom, Farrel and Ratner) had approached him, he said they contacted him yesterday and that he planned to meet with them this week.

     Take a look at what he says about bankruptcy, further concessions, what he calls misconceptions about the UAW and where they go from here.



     

     

N_R_PELLETTIERI

I WILL NOT PURCHASE A DETROIT PIECE OF JUNK MADE BY IGNORANT SLACKERS AND UNIONIZED THUGS MY TOYOTA ,MADE IN THE U S A IS THE BEST CAR I EVER HAD...AND I HAVE OWNED CARS FOR 65 YEARS AFTER I GOT OUT OF SERVICE THE FIRST CAR I HAD WAS A 47 STUDEBAKER...

February 26, 2009 at 9:52 pm

David McDowall

With job losses at over 600,000 and the cost of living going up , who can afford to pay 20 to 30 thousand for a new car or truck

February 26, 2009 at 3:07 pm

Corey

The UAW is taking MY money to get as much money for high school educated individuals as I get with a college degree and a professional license. In addition, they are fighting for a pension and job security about which I can only dream. Having been laid off twice, I know the pain they hope to avoid. I got a total of 3 weeks severance pay from both layoffs, and I survived. I have no sympathy for the United Auto Welfare, and I think all 3 companies should be forced into bankruptcy with huge concessions IMMEDIATELY by the UAW before a single dollar of my money is stolen to provide them with job benefits that I do not enjoy. I frankly couldn't care less what the previous contracts were. I did not make those deals with the UAW. These contracts are clearly not sustainable, so the company should be declared bankrupt and if restructuring is not feasible, then the entire company (or all 3) should simply shut down and open the door for sustainable operations elsewhere. As for car purchases, I have NO interest in supporting UAW workers (I use the term "worker" loosely). Hello Toyota and Honda! Let workers in Georgia and Alabama who seem to survive just fine on the "unacceptable" job conditions (according to Michiganders) have the jobs, and maybe the economy in the Great Lakes area can be rebuilt in a sustainable fashion.

February 25, 2009 at 4:13 pm

Ken

Dont care how much money you give the automanufactures if Americans dont buy American their going to fail. The problem with America is we dont want to help ourselves.

February 25, 2009 at 3:32 pm

finsterbaby1955

through all the crap i've been listening to about the union and the 'big three', I still haven't heard anything about concessions by the white collars at GM. they're closing plants and laying off their blue collar producers of products and profits,causing them to take less in wages and bennys to remain 'competetive' but nothing about all those highly paid managers and directorsand higher-ups. GM has always been 'the upside down pyramid' when it comes to pay scales and benefits.

February 25, 2009 at 12:49 am

larksoprano

Great Interview. The UAW needs to start getting realistic if it wants to survive.

February 24, 2009 at 8:58 pm

larksoprano

Nice interview. I think the UAW is finally beginning to realize that its glory days are over. While unions certainly had their place in our history, they are simply anticompetitive in today's global economy. Keep up the great work.

February 24, 2009 at 8:49 pm

about this blog

  • Alexis Glick is an anchor for FOX Business Network. Prior to joining FOX, Glick served as a correspondent for the Today Show and co-anchored the third hour of that program. Before her stint at NBC News, she was the senior trading correspondent for CNBC and reported from the floor of the New York Stock Exchange.

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