Many companies are looking to roll back benefits, and benefits for retirees are at the top of the list. This decision says that while they may be first on the list, they may not be easy to cut.
More Quotes from Harley Shaiken:
This could be the biggest buyout in memory and a turning point in the history of the industry.Harley Shaiken
It's certainly representative of the discontent that's out there. The retirees are frustrated, but I don't think it represents a major threat yet.
Harley Shaiken
Whatever the final language, it will be the benchmark of how other negotiations are judged. Since the auto workers won pensions in '48, a lot of things Detroit has done, for good or for bad, has set a pattern. This will be the case, even if the rhetoric of lifetime jobs guarantees outstrip the language.
Harley Shaiken
Caterpillar is a powerful symbol of this process. It dominates its field. It is one of America's largest exporters, and it is very profitable. If there ever was a company that could bring back the social contract of the mid-20th century, it is Caterpillar. But it chooses not to.
Harley Shaiken
What we're looking at in Seattle is a debate over the rules of the game and how the environment and labor will be treated -- whether they will be debated elsewhere or whether they will become part of the core discussions about trade.
Harley Shaiken
A lot will depend on who's the first company up. You may almost have an insipid auction taking place among the companies trying to be first.
Harley Shaiken
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