GM starts seeking concessions from UAW, bondholders

>> Tuesday, January 6, 2009

The UAW's near-stranglehold on the domestic auto industry has taken a lot of the blame for the current condition of the carmakers. Whether it's a fair conclusion or not, however, for companies like General Motors to survive, there will have to be concessions from labor and investors alike. Formal concessions negotiations with a range of partners begin this week, with the spotlight on the UAW. Delving into the UAW's labor contracts will be a hard-fought issue, however, as the union is expected to resist at every turn.

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