US. GM, Pension Funds, And The Temptations Of Big Pots Of Money
The UAW’s strike against General Motors has now entered into its fifth week, with no indication of a resolution soon, as the UAW pushes to increase wages of its lower-seniority workers and move more workers away from their temporary status and the company focuses on using its profits to make investments in U.S. factories. Earlier, in late September, various of the Democratic presidential candidates joined the picket lines to show their support for the strikers.
And in the midst of this, on October 1, New York State Comptroller Thomas DiNapoli sent a letter to GM CEO Mary Barra (as reported at Crain’s Detroit Business and at Spectrum News Syracuse). DiNapoli, who Crain’s reports has received support from the UAW in the past, wrote, in part:
I write as Trustee of the New York State Common Retirement Fund (Fund), the third largest public pension fund in the United States, which holds and invests the assets of the New York State and Local Retirement System on behalf of its 1.1 million members, retirees and beneficiaries. The Fund is a long-time investor in General Motors Company (GM or the Company) and as of June 30, 2019 held more than 3.8 million shares of the Company’s stock.
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