USW Blasts J.P. Morgan Analyst Patel's Misinformation about Goodyear Strike
Union condemns analyst's "shoddy research"
For Immediate Release November 29, 2006
(Pittsburgh, PA) -- The United Steelworkers (USW) today sharply criticized the latest analysis of the USW-Goodyear strike by Himanshu Patel of J.P. Morgan Securities Inc. as a "deliberate attempt to hype the company's stock through promoting Goodyear's campaign to break the union by creating unfounded fears amongst the membership, families and communities."
Yesterday Patel wrote that "a key date for the strike could be January 3, when health care coverage for striking workers is cut off, which could spur increased pressure from union members to reach an agreement."
"Another projection that's dead wrong by a guy who just doesn't do his homework," said USW International vice president Tom Conway. "We want Goodyear to stop stone-walling and return to meaningful negotiations. But the facts are that the real cut-off date is in mid-April. COBRA legislation gives you 60 days to make a decision to continue coverage and another 45 days before you have to make payment."
"The real problem is how consistently inaccurate his forecasts are. They seriously cloud any possibility of a clear-headed analysis of the strike, and how it might be resolved," said Conway.
In October, Patel wrote that inventory and reduced production should provide supply for around four months. Three weeks ago, the Washington Times and others were already reporting shortages. In the same report, he stated that the USW had only one response -- a strike, and that it had already utilized it, completely ignoring the USW's vast repertoire of strategies to pressure the company in other ways.
"What's most disturbing is that this supposed independent analyst talks exclusively to the company and does nothing but parrot their lines," said Conway. "Other more sophisticated analysts take the time to hear the USW point of view. "Patel's willful ignorance causes him to grossly underestimate our resolve and our ability to impact the company, added Conway. "He needs to either do his research or admit that he is nothing but a shill."
CONTACTS: Wayne Ranick (412) 562-2444
2 comments:
I think John Edwards puts it well in this video of Local 2's rally last month. This is about defending what Goodyear workers have and need. We're talking about rubber workers here. Health insurance for someone who has worked in a rubber plant for half their life is going to be outrageously expensive. This fight is bigger than this month's wages, it's about securing the future.
http://www.youtube.com/watch?v=4xKPqRuYscs
National Solidarity Actions with Steelworkers Striking at Goodyear
The members of the United Steelworkers (USW) at the Goodyear Tire and Rubber Company are fighting for their working lives. On October 5 of this year, in response to unacceptable contract offers from the company, 15,000 members of the USW were forced to strike for job security and the guarantee of healthcare in their retirement. With their jobs on the line, members of the United Steelworkers are prepared to fight ONE DAY LONGER for justice for working families.
Now, in the eighth week of their strike, the Steelworkers are organizing actions at stores that sell Goodyear tires across the country. Come join members of the USW in getting the word out about their struggle and informing the public of the dangers of driving on tires produced during a labor dispute.
Major Goodyear Tire Store Actions for Saturday, Dec. 2
Columbus, Ohio area stores:
Goodyear Auto Service Center, 5015 N. High St., Columbus
Detroit (Redford), Michigan: 13955 Telegraph Road, 8 a.m.
Bay City, Michigan: meeting at USW Local 12075 hall (3510 James Savage Rd., Midland)
Bay City office (503 N. Euclid Ave., Suite 10, Bay City) at 9:30 a.m., arriving at Goodyear sites by 10a.m.
701 N. Euclid Avenue, Bay City (primary)
725 S. Saginaw Road, Midland (secondary)
Madison, Wisconsin:
608 E. Washington Street, 12 Noon
3773 E. Washington Street (near striking Goodyear local at Sun Prairie) 12 Noon
Regina, Canada
11 a.m. meet at USW office, 26-395 Park St.
Cherry Hill, NJ:
Just Tires, 408 Haddonfield Rd. (by the Cherry Hill Mall), 9am
Kenmore: NY 1795 Sheraton Dr., 9 am
Braintree, Mass.:
Sullivan Tire and Auto Service, 120 Ivory St., 3 p.m.
Sullivan Tire and Auto Service, 387 Common St
Montreal, Que. (details tba)
Ottawa, Ont.
Meet at 11 a.m., USW office, 2285 St. Laurent Blvd.
Fort Wayne, Ind., 4106 Coldwater Rd., 9 a.m.
Indianapolis (Speedway), Ind., 5970 Crawfordsville Rd., 10 am
Highland, 9500 Indianapolis Blvd., 10 a.m.
Hobart, Ind. (details tba)
Merrillville, Ind..(details tba)
Louisville, Ky. (Shively)
Goodyear Auto, 4900 Dixie Hwy, 10 a.m.
4
Birmingham, Al:
201 Roebuck, Plaza Drive, 9 am
1623 Montgomery Hwy, 9 am
Union City, TN (details tba)
Fayetteville, NC (details tba)
Allentown/Bethlehem (Whitehall) 1141 McArthur Rd., 10 a.m.
Topeka, Kansas 420 SW Croix (Topeka & Croix) 8 a.m.
5140 SW 21st St. (21st and Fairlawn Rd), 8 a.m.
Lincoln, Neb., Graham Tire Stores at 2121 Cornhusker Hwy and 6800 “O” St., 8 a.m.
Portland, Oregon
HB Tire Center, 4547 NE Sandy Blvd., Portland, 11 a.m.
& Division Tire, Division St.
Salt Lake City (Taylorsville): Anderson Tire, 4752 South Redwood Rd., 10:00am
Houston, Texas: Goodyear/Gemini Store, 1519 Fannin, 9 a.m.
Phillip’s Tire, 2212 Mangum Rd., 9 a.m.
Tyler, Texas: Sam’s Club, 2025 S Southwest Loop 323, 9 a.m.
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