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http://www.freep.com/apps/pbcs.dll/ article?AID=/20071009/BUSINESS01/71009016
UAW activists file complaint on sale of note to GM
October 9, 2007
By JUSTIN HYDE
FREE PRESS WASHINGTON STAFF
A General Motors Corp. employee and a retired United Auto Workers union official have asked the U.S. Securities and Exchange Commission to stop the sale of a $4.4 billion convertible note by GM to the UAW as part of a new labor contract.In a letter on behalf of the two men, a California attorney said the UAW and GM had violated securities laws by not providing enough information to UAW members about the risks of the convertible note. That note will account for about 15% of the roughly $30 billion fund the UAW and GM plan to establish for retiree health care.
Under federal law, companies seeking to sell similar notes to the public must file an extensive disclosure of the business risks with the SEC. That filing must come before any public statements about the sale.
The information provided so far by the UAW and GM “fell dramatically short of the standards of information disclosure imposed on those who engage in the sale and distribution of securities,” said attorney Stephen Diamond in the letter.
Diamond asked the SEC to issue a cease and desist order against the note while it investigates the accusations. He wrote on behalf of Gregg Shotwell, a UAW activist in Lansing, and Frank Hammer, a retired GM worker and former UAW official.
Contact JUSTIN HYDE at 202-906-8204 or jhyde@freepress.com. |
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http://www.toomuchonline.org/index.html
http://www.hr676.org
http://www.pnhp.org/publications/the_national_health_insurance_bill_hr_676.php |
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Tue Oct 09, 2007 10:41 am |
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Ryan Eashoo
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Things like this make Pensions and such more risky!
I believe that this new fund should be fully funded!
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Flint Michigan Resident, Tax Payer, Flint Nutt - Local REALTOR - Activist. www.FlintTown.com |
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Tue Oct 09, 2007 5:31 pm |
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| There shouldn't even be a "fund." The UAW should have demanded that the company's join them in the push for national healthcare. And until that happens, the company's should pay for it. Health care and pensions are part of the regular compensation UAW & THE COMPANIES agreed to, together, for years for all retirees, for life. Paying the compensation you agreed to pay is your obligation. These whiney drones call it a "burden." Tough. You agreed to it. In writing. There is not reason for the union to back away from this. But this UAW IEB completely sold their membership out on behalf of these same babies, all in the name of job security. What a joke. There is no security when you're dealing with proven liars and union officials looking to gain a full-time appointment - with another pension, actual healthcare and a fat salary. They don't give two squirts that now the workers they lead/represent get wages cut in half, a 401k and health coverage that is tied to the company's stock price. The UAW has even more incentive to act as the company's HR departmart, turning a blind eye (or even endorsing) outsourcing, plant closings, furthur wage and benefit cuts, all to keep the fund funded and crybabies contently sucking their wallets. Why to go, UAW "leadership." |
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http://www.toomuchonline.org/index.html
http://www.hr676.org
http://www.pnhp.org/publications/the_national_health_insurance_bill_hr_676.php |
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Thu Oct 11, 2007 9:45 am |
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