This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Cramer's Action Alerts PLUS - See his portfolio and get alerts BEFORE every trade. Learn more NOW!

5 Dumbest Things on Wall Street This Week

3. Goodyear Nightmare

In America they would call it a kidnapping. In France, however, they say c'est la vie.

A pair of Goodyear (GT - Get Report) plant managers were taken captive by workers this week inside a factory in Amiens France that the company is trying to shut down. Members of the left wing CGT union seized production and human resources directors Michel Dheilly and Bernard Glesser Monday to demand higher severance pay for more than a thousand employees being let go.

The unions at Goodyear want severance packages ranging from $109,000 to $235,000 depending on seniority. Management's proposals have not been released.

"We're ready to go all the way," said CGT union delegate Franck Jurek. "It can last for a few more hours, it can last for a few days or a few weeks. As long as our demands are not met, these two people stay with us."

All the way? Pas tout a fait, Franck. The two hostages were let go late Tuesday after spending a little more than 24 hours as hostages.

Then again, did you really think these union workers would hold out for weeks or months? Seriously, it was that kind of indolence and insolence which caused Goodyear to shutter the uncompetitive plant in the first place!

Not that they will be punished for the whole abduction charade. We guarantee that the police and French government will take a laissez-faire attitude to the perpetrators. Boss-napping may be viewed harshly in America, but in France it's less frowned upon.

If this all sounds familiar -- you know, like a case of deja vu -- this is indeed the same troublesome tire plant that Titan International (TWI) CEO Maurice Taylor considered rescuing last year before backing out because he deemed France's unionized workers overpaid and underworked.

Well, what say you now Maurice?

Even though they couldn't "go all the way," you must admit these folks showed a lot of initiative. If they were totally shiftless they wouldn't have abducted anybody at all!

3 of 5

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG
GT $26.54 -2.00%
GIS $53.13 -0.65%
JCP $7.86 -0.19%
JPM $61.75 -0.36%
SCSS $32.03 0.09%

Markets

DOW 18,103.83 -99.54 -0.55%
S&P 500 2,097.76 -10.02 -0.48%
NASDAQ 4,966.55 -13.3510 -0.27%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs