Prepare to be infuriated at what GM is doing in the wake of a $49.5 BILLION-DOLLAR bailout from you and me, where, by the way, GM “pays around $56 per hour including wages and benefits” according to the story.
The United Auto Workers union won $5,000 signing bonuses and the possibility of sweeter profit-sharing checks as part of a new four-year contract with General Motors Co., two people briefed on the talks said Saturday.
The deal, which was reached late Friday, also includes a $2- to $3-per-hour pay raise for entry-level workers over the life of the contract and guarantees more union jobs, the people said.
Oh, and by the way:
Also watching closely is the White House. GM received a $49.5 billion government bailout two years ago and is still part-owned by the U.S. Treasury. An agreement that is favorable to GM could help the company’s stock rise, which would get the Treasury closer to making back the money it is owed when it sells its remaining shares.