wall street, phones, strikes

MScoleman at aol.com MScoleman at aol.com
Wed Jul 29 17:49:02 PDT 1998

Doug, I saw the paperback version of your book "Wall Street" in Borders down at the world trade center -- you have definitely hit the big time, congratulations.

Speaking of Wall Street, to what do you owe the recent roller coaster ride?

Also speaking of wall street, the merger between GTE and Bell Atlantic is being very poorly received, with the stock of both companies down dramatically. From an insider's point of view, the NYNEX/BA merger is far from consolidated, and the NYNEX managers are still tremendously demoralized, expecting to be replaced at any time, I am really amazed that BA is attempting to merge with another company. Clearly the motivation has absolutely nothing to do with better service to the consumer since that would be improved by a little internal reorg and upping employee satisfaction.

As of today, it looks like we will be walking the picket lines on August 8th at midnight. A strike is looking more and more likely -- about two weeks ago, BA presented the bargaining table with seven changes they want to make in the provision of medical benefits, all cuts of one type or another of course. Well, it was medical benefits which led to the 17 week strike in 1989...... Also, scuttle but has it that Ivan Seidenberg does not believe the union members will walk if they do not have a contract. He MUST be dreaming, we (in the union) may fight each other tooth and nail but the New York unions have never worked without a contract in their history. I think they (management) may just sit tight and not sigh the contract as a test -- to see if we walk or not.

maggie coleman mscoleman at aol.com

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