November 13, 2007

Ford Going To Ratify The Contract

Well it looks like the Ford UAW workers are going to ratify the contract, and the media kept touting out the early numbers with nearly 90% of the plants that voted early approving of the contract.

The plants that voted early were the ones that would be closed down if the contract isn't approved, you would be stupid to work there and not approve the contract.

Six major UAW locals representing more than 19,000 Ford workers voted Monday. That means the vast majority of Ford's 54,000 UAW workers have had their chance to cast ballots. Results for three of those locals were not yet available late Monday, and a few more locals are not expected to vote until today, but those results likely won't affect ratification even if a majority of workers reject the deal, according to an analysis of the voting so far by The Detroit News.

What is bad about voting on the contract is that they won't give you all the details of the contract before voting, they only give you a "highlights" page that outlines the major things (good things only).

We found out yesterday more information about the VEBA account, everyone recommends only 20% of the fund to hold company stock (that is what they recommend for 401k's also) but we found out that it was negotiated for the VEBA fund to have 55% of Ford stock in it.

Well, that VEBA fund won't last to long now will it, especially if Ford goes out of business. The fund won't last more than a couple years.

Over half of the funds will be in Ford stock, talk about handicapping it before it is even begun.

Guess it's time to start saving even more money for retirement so will be able to afford insurance, because we certainly won't have it when Mr Weenie retires.

Posted by Quality Weenie at November 13, 2007 09:07 AM | TrackBack