UAW Has To Give Up Its Erections!

This is how the Wall Street Journal summarizes the government forced restructuring of pension-zombie car company GM.

…compared to other unsecured creditors, the unions were offered the equivalent of a Cadillac this week. Bondholders get a set of steak knives and the hope that a car maker owned 72.5% by the government will eventually be worth more than it is now, which is essentially zero.

And what does the UAW give up in return? Well, let’s just say they are making at least one very hard concession:

In exchange, the UAW will accept more flexibility in work rules, and retirees will have to give up prescription-drug coverage for their Viagra and Cialis. Seriously.

Maybe it isn’t the UAW screwing the bondholders. If only we could get Democrats to agree to the same concession.

Tags: Bond Holders, GM, President Barack Hussein Obama, Socialist Revolution, UAW, Viagra

This entry was posted on May 29, 2009 at 2:02 am and is filed under Categorized. You can follow any responses to this entry through the RSS 2.0 feed.