Funny how concessions weren't required when we bailed out Wall Street. But then Wall Street isn't an evil, blue-collar union.
DETROIT -- The bailout agreement between General Motors Corp. and the federal government includes terms aimed at blocking the United Auto Workers from going on strike while the union negotiates wage and benefit cuts with the auto maker over the next few weeks.
The terms are part of the agreement GM and the U.S. Treasury Department hammered out in December. They surfaced late Wednesday in a regulatory filing by GM and surprised union leaders, including President Ron Gettelfinger, people familiar with the matter said.
Treasury spokeswoman Brookly McLaughlin said that the no-strike provision was "included as a taxpayer protection" and that it could be waived if the government determines that was appropriate. The chances of a UAW strike are small because both sides are under orders from the government to work quickly to cut costs to help GM get on the path to recovery. The company and the union have until Feb. 17 to negotiate cuts. If they do, GM could be in line for additional loans.