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Another Black Monday in Mahoning Valley

Tom Croft, Managing Director

Mar 28, 2019

Another Black Monday in Mahoning Valley

When the GM Corporation announced the shutdown of the GM Lordstown Assembly plant, U.S. Rep. Tim Ryan of Howland, D-13th, called the news a "new Black Monday in the Mahoning Valley," a reference to the day in September 1977 when the closure of one of the Valley's largest steel mills was announced (Source: The Vindicator, 3/27/19). GM closed the plant on March 6, throwing 1,500 autoworkers out of work. These workers now join thousands of their neighbors laid off in years pas

GM's Layoff Lesson: It's time for a manufacturing strategy that helps workers, not sharehold

Andrew Stettner and Stephen Herzenberg

Mar 28, 2019

GM's Layoff Lesson: It's time for a manufacturing strategy that helps workers, not sharehold

Earlier, General Motors made headlines when it announced the closure of five major factories and the elimination of more than 14,000 jobs. For many Ohio and Michigan families preparing for the holiday season, the news was a dark reminder of the recession that crippled the state’s economy in the early 2000s. Unfortunately, the response from many policymakers has been equally dismal. As debates around tariffs and profit margins abound, few of the nation’s top lawmakers have sto

HEDGE PAPERS NO. 66: HEDGE FUNDS ATTACK GENERAL MOTORS AND AMERICAN JOBS

Heartland Network

Mar 26, 2019

HEDGE PAPERS NO. 66: HEDGE FUNDS ATTACK GENERAL MOTORS AND AMERICAN JOBS

General Motors recently announced large-scale plant closures and layoffs, with top executives claiming the company needs $4.5 billion in savings to stay alive. This week the legendary Lordstown manufacturing plant in Ohio will close. But GM has given over five times as much money — $25 billion — to Wall Street hedge funds and other investors in the past four years, including over $10 billion in controversial stock buybacks. And GM recently authorized even more stock buybacks

Walmart and the Push to Put Workers on Company Boards

Sheelah Kolhatkar, The New Yorker

Mar 26, 2019

Walmart and the Push to Put Workers on Company Boards

In 2000, Cynthia Murray started working as a fitting-room associate at a Walmart store in Laurel, Maryland, and she still holds the position today. “I take all the calls that come in. I take care of the customers. I do returns,” Murray, who is in her early sixties, told me recently. “I do a little bit of everything in the store. I’m always around the fitting-room area, but sometimes I have to go to customer service, and there are seven departments I separate returns for. If y

All A-Board! The Movement for Commonwealth Companies Is on the Tracks!

Tom Croft, Managing Director

Mar 13, 2019

All A-Board! The Movement for Commonwealth Companies Is on the Tracks!

The push to seat workers on corporate boards is becoming a movement. As my co-author Annie Malhotra and I wrote in The Commonwealth Company (a pending chapter in a forthcoming “Many Futures of Work” book) we need to balance the power of shareholders with the rights of stakeholders. Or, align the rights of shareholders and stakeholders, in the language of capital stewardship. The fight for workers to participate in the governance of companies, and to make the boss more acco

This investor wants to put an employee on Google’s board

Jena McGregor, The Washington Post

Mar 12, 2019

This investor wants to put an employee on Google’s board

When more than 20,000 Google employees staged a mass global walkout in November, the organizers published a list of demands that included, among other things, an end to forced arbitration in harassment and discrimination cases, a commitment to end pay inequity and the appointment of an employee representative to the company’s board of directors. Now a shareholder has taken up that fight. CtW Investment Group, a group that works with union-sponsored pension funds, filed an unu

Closure of General Motors’ Lordstown plant was not inevitable. It resulted from GM’s own mismanageme

Susan Helper, Cleveland.com

Mar 9, 2019

Closure of General Motors’ Lordstown plant was not inevitable. It resulted from GM’s own mismanageme

An American flag drapes the hood of the last Chevrolet Cruze Wednesday as it comes off the assembly line at General Motors' Lordstown plant, where 1,700 hourly positions are being eliminated, perhaps for good. The factory near Youngstown is the first of five North American auto plants that GM plans to shut down by next year. CLEVELAND -- On Wednesday, the General Motors Corp. Lordstown plant closed its doors after producing its last Chevy Cruze. This closure was part of GM’s

From $22 an hour to $11: GM job cuts in Ohio show a hot economy is still leaving parts of America be

Heather Long, The Washington Post

Mar 6, 2019

From $22 an hour to $11: GM job cuts in Ohio show a hot economy is still leaving parts of America be

LORDSTOWN, Ohio — Scott Mezzapeso had to do something last month he never imagined: call his ex-wife and warn her that he might not be able to pay child support on time. Mezzapeso has a tattoo of his daughter on his left arm and rarely misses her high school softball games, but money has become extremely tight. General Motors is shuttering its plant here, and Mezzapeso is one of roughly 5,400 casualties. Mezzapeso earned $22 an hour with good benefits at Magna, a GM supplier

UAW sues GM over plans to 'unallocate' 3 plants before contract expires

Nora Naughton, Detroit News

Mar 1, 2019

UAW sues GM over plans to 'unallocate' 3 plants before contract expires

The United Auto Workers is suing General Motors Co. over the automaker's plans to stop production at three U.S. plants before the current labor contract expires later this year. The lawsuit filed by the UAW Tuesday in Ohio accuses GM of violating the terms of the 2015 UAW-GM national contract, specifically the Plant Closing and Sale Moratorium outlined in the agreement. The union is seeking to keep Lordstown Assembly, Warren Transmission and Baltimore Operations running at le

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