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The union that represents 27,000 machinists in Washington State, Oregon and Kansas walked off the job as Boeing’s books are bulging with demand for its planes.
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Basil E. Hargrove, president of the Canadian Auto Workers union, enjoys a public profile in Canada that arguably has not been matched since the days of Walter P. Reuther and Jimmy Hoffa.
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Downey has been racked by the mortgage crisis and federal regulators ordered it to shore up its finances and provide a detailed plan to reduce its assets and strengthen management.
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Wall Street managed a slight gain on Friday, a day after concerns about the economy, and in particular the labor market, sent the Dow plunging. Markets in Europe and Asia ended the day lower.
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As officials of the Machinists Union and Boeing prepared to resume negotiations on Friday, the union assured workers that a failure to reach a deal by early Saturday would guarantee a strike.