Wednesday, November 19, 2008

More Automaker Stories of Woe

I remain convinced they need the loan but we need to be careful on how we give it. When one of my clients want a loan, they need a business plan. Why not the Big Three?

UAW's VEBA Board: Autoworkers’ Health Care Benefits in Peril comes from
Caretakers of the United Auto Workers’ health care trust are concerned that the slumping fortunes of Detroit’s Big Three automakers could leave retirees without health care benefits.

“Obviously, we’re as worried as” the public is, says Teresa Ghilarducci, a member of the 11-person board overseeing the UAW-run health care trust and a professor of economic policy analysis at the New School for Social Research in New York.

She said that given the deteriorating financial state of the industry, the health care trust may not last as long as the 80 years UAW leaders first projected.

Not good at all. Especially for central Indiana. I recall writing a piece on the Tesla care. The New York Times has an update here.

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