Ford is the only American auto manufacturer that didn't have to take bailout money. The reasons are better management and a large loan secured before credit dried up. The UAW gave concessions to GM and Chrysler as part of the bailout reorganization. Ford was seeking parity in their contract with the UAW. Union members rejected their own leaderships advice and rejected the modified contract. Now, Ford will be at a competitive disadvantage for the next two years. This points back to one of the main causes of GM and Chrysler needing a taxpayer bailout. UAW members vote for greed above common sense.
From Yahoo News:
Ford Motor Co. workers have overwhelmingly rejected contract changes that would have allowed the automaker to cut labor costs, leaving Ford at a disadvantage to its Detroit rivals as it continues its struggle to return to profitability.
The United Auto Workers union had given local unions until Monday to complete voting. But a person briefed on the voting said Saturday that the contract changes have been rejected by large margins. The person asked not to be named because the UAW hasn’t announced the results yet.
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