Audio – Watch your wallets!
United Auto Workers head Ron Gettelfinger has been around long enough to know that sometimes things can change very quickly.
But, in managing the union’s new, $38 billion pool of retiree funds, also called a VEBA (Voluntary Employee Benefit Association), Gettelfinger said at the annual Reuters Autos Summit that he and his union will be keeping a close eye on Wall Street and the managers of the funds.
Gettelfinger said the recent problems in the U.S. financial system (Bear Stearns, Fannie Mae, Freddie Mac and Lehman Brothers) have led him to pause, but he thinks the union is putting together a solid team of trustees to watch over those funds.
Gettelfinger was one of the featured guests at this year’s summit, which includes company executives, investors and other officials from throughout the industry. The summit continues through Thursday.