The UAW’s Emptying War Chest.
Two years after the wrenching restructuring of the U.S. auto industry and the bankruptcies that remade General Motors and Chrysler, the UAW is facing its own financial reckoning. America’s richest union has been living beyond its means and running down its savings, an analysis of its financial records shows.
Unless King and other officials succeed with a turnaround plan still taking shape, the next financial crisis in Detroit may not be at one of the automakers but at the UAW itself.
That picture of the growing financial pressure on the 76-year-old union emerges from a Reuters analysis of a decade of UAW financial filings and interviews with dozens of current and former union officials and people close to the union.
King, 65, has just wrapped up a round of fast-track talks with General Motors on a new contract that includes new job promises and bonuses of at least $11,500 for each of the automaker’s 48,500 factory workers
Read the full text of this special report, by of all news organizations, Reuters here.