You Can't Touch Me I'm Part .....

[CHIMO]

No reason to go back to table with GM, CAW says

TORONTO, March 30 (Reuters) - The head of the Canadian Auto Workers union said on Monday there is no reason to go back to the bargaining table to reopen a cost-cutting agreement with General Motors Canada (GM.N).

CAW President Ken Lewenza was responding to remarks made by Canadian Industry Minister Tony Clement earlier on Monday in which Clement signaled that he does not think that a cost-cutting deal GM reached with the CAW goes far enough.

Lewenza also told a news conference that the CAW will not break away from pattern bargaining in its current cost-cutting talks with Chrysler.

Ottawa said on Monday it will offer bridge loans of C$4 billion ($3.17 billion) to GM and Chrysler while they work on new restructuring plans.

http://www.reuters.com/article/privateEquity/idUSTOD00403620090330

New GM CEO: Bankruptcy May Be Best Option for Automaker
General Motors's new chief executive told CNBC that filing for Bankruptcy may be the best option for the struggling automaker.

In a taped interview to be aired tonight on NBC Nightly News, Fritz Henderson said that because of greater demands from the Obama administration to restructure, GM is considering the bankruptcy option. The auto giant previously had ruled out such a move, saying it would discourage people from buying GM cars.

Henderson's comments came after President Obama bluntly rejected turnaround plans by GM and Chrysler and demanded that both companies make fresh concessions in order to get more federal aid.

Henderson, who was GM's president and chief operating officer, was named the new CEO after the government forced the resignation of CEO Rick Wagoner on Sunday. GM's board is also being restructured.
http://www.cnbc.com/id/29960093

Heard Lewenza on the radio. Labour costs are 7%. They could work for free and it wouldn't make a difference. So where are the politic ans that are representing them?

What happens to the CAW pensions if GM US goes bankrupt? Are they last in line?

It is time that pensions belong to the worker and not a fund to be used by financiers.