Update: More on Bloom here. Yeah, he's business friendly. Big Business and Big Labor. The results of his work will still produce a growth in Big Labor, instead of the re-structuring Detroit needs. There are two sides to the elitist coin.
Obama is moving away from an "Auto Czar". Sound good so far?
The official also said that Ron Bloom, a restructuring expert who has advised the labor unions in the troubled steel and airline industries, would be named a senior adviser to Treasury on the auto crisis.
Gee, I wonder who's going to have the most powerful seat at the table now that Bloom has Obama behind him?
Q&A With Ron Bloom Big Labor's suprising(sic) new pal
Wall Street and Big Labor don't usually see eye to eye. Yet you're hiring investment bankers to help in the union's negotiations. Why?
In Wall Street parlance, workers are unsecured creditors in terms of their claims on a company. So in any major bargaining with a company that's in trouble, we try to get in and understand why the company isn't doing well.
The new Goodyear contract has terms that force the company to refinance its debt quickly and keep plants here. Are you trying to dictate management's policies?
We're trying to express a business model through collective bargaining. Other people take the low road, either by building everything someplace else or by beating up the workers to get concessions here. We think the company should be a patient, long-term builder of value for the employees and shareholders.
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