Posted on 01/13/2011 8:49:21 AM PST by Nachum
The sweeping overhaul and surprising recovery of the American auto industry is about to pay off handsomely for the blue-collar workers at Ford and General Motors. The two big Detroit carmakers will announce profit-sharing checks this month for their hourly workers, perhaps the largest in a decade, company officials and industry analysts say. While the payouts — expected to top $5,000 at Ford... [snip] Ford’s total labor cost for a worker — a combination of wages, benefits and pensions — has been reduced more than 20 percent and is now about $59 an hour
(Excerpt) Read more at finance.yahoo.com ...
Look for Union payola...
The list, ping
Let me know if you would like to be on or off the ping list
Look at it this way...there isn’t much of a workforce remaining in the auto industry. The banking bigwigs’ bonuses probably add up to more than the profit sharing.
Its now official as if we needed anymore evidence. US automakers are not traditional corporations anymore. They owe nothing to their shareholders—their goal is to create wealth for their unionized employees and protect their jobs.
Good grief, the workers making the money for the company deserve to reap the rewards when things are good just as they give up stuff if not their job entirely when things are bad. That’s capitalism.
How much of that GM bonus will go to the bondholders that were stiffed?
Not Investment Advice but IMHO the untold story will be the Ford Employees that had the moxie when it was 1, 2, or 3 dollars a share to go for a large position or all in with their 401(k) dollars and still maybe holding, They will retire quite handsomely if the trend continues and or at somepoint that cash in their unrealized gains.
GREAT NEWS Good for them, especialy the Ford guys.
Which is why the bondholders were stiffed?
GM has been playing favourites with creditors and government money for some time now.
I agree with you about Ford, but GM doing the same is just money that we are paying for.
I hope my Grandfather did. Told him to dump all he owned into Ford shares...
Go here:
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.