Please Note: Blog posts are not selected, edited or screened by Seeking Alpha editors.

The UAW Picks Creditors Pockets

|Includes: Motors Liquidation Company (MTLQQ)

News out today concerning the UAW:

Legislation overhauling U.S. health care includes $10 billion to pay some of the most expensive medical costs for millions of autoworkers, steelworkers, schoolteachers and other early retirees with coverage.   The provision, embedded in legislation passed in July by House and Senate committees, may help offset health-care concessions made earlier this year by the United Auto Workers as part of a government rescue of General Motors Co. and Chrysler Group LLC and related cost-cutting at Ford Motor Co.
The UAW cited the provision in an e-mail this week urging its members to support a health-care overhaul, President Barack Obama’s top domestic priority.
 
Who remembers when the administration gave the UAW 17.5% of GM and 55% of Chrysler?  The government took the company from the creditors and gave it to the UAW and then paid them again through the health care bill.

Friends, this is theft.  Call a cop.


Disclosure:  No positions