UAW rejects stock for VEBA

When the UAW and the Detroit Three automakers agreed to create a healthcare trust in 2007, the move was heralded as a victory for the automakers, who would get to wipe billions of dollars in liabilities off their money-losing balance sheets at a huge discount. But now, just two years later, the Voluntary Employee Beneficiary Association has become a major sticking point for the union and automakers as they try to finalize a deal that would help the automakers become more competitive and satisfy the requirements of the federal government.