In the mid 60s I worked on the line at the GM Fisher Body plant in Lansing, building Oldsmobile F-85, 88 and 98 chassis on two different assembly lines. When our chassis rolled off the end of the line they were transported to a different plant by truck to be mated with the drive-train and frame. The engines were built in a third facility. Times have changed, more so where the UAW does not hold sway.
This: Ford's most advanced assembly plant operates in rural Brazil, is a good example of why Michigan needs a right to work law. It's also a good example of why manufacturing is a dead-end in Michigan otherwise.
And it doesn't matter if it is manufacturing windmills, Jennifer.
In non-manufacturing news:
ZURICH, Switzerland: Swiss bank UBS AG said Wednesday it has sold subprime and other mortgage-based securities with a nominal value of US$22 billion for US$15 billion (€9.5 billion) to a newly created investment fund run by U.S. asset manager BlackRock Inc.We have a short, clear analysis of this transaction from an anonymous tipster:
The sale is part of an attempt by Switzerland's largest bank to offload risky positions that contributed to its massive writedowns of US$37.4 billion over the past nine months.
The securities had a nominal value of about US$22 billion (€14 billion), but have been listed with a book value of US$15 billion since March, UBS said. Investors have shunned mortgage-backed securities over fears too many of the mortgages were made to people with shaky credit who may eventually default.
The fund received a US$11.25 billion (€7.14 billion) loan from UBS to buy the assets.
The mortgage industry's lunacy at its finest.Tip of the Hat for both stories.
UBS loans billions to a hedge fund so the hedge fund can in turn, buy crap loans owned by who else, but UBS!! Oh, and the purchaser is 49% owned BY Merrill Lynch, a fierce, cut-throat competitor of UBS.