Posted on 04/20/2009 10:04:03 PM PDT by Jet Jaguar
he Obama administration will make about $500 million available to Chrysler LLC through the end of this month as it seeks to reach an alliance with Fiat, and up to $5 billion through May to help General Motors Corp restructure outside of bankruptcy, an independent oversight report on the Treasury Department's corporate rescue fund said on Tuesday.
Separately, the United Auto Workers (UAW) union urged its members to lobby the White House by phone or email to ensure that workers and retirees are treated fairly in negotiations at both companies on new concessions, which are considered vital for the automakers' to survive.
"We need President (Barack) Obama and his auto task force to stand up for the interests of workers and retirees in these restructuring negotiations," the union said in an appeal on its Web site to members.
The UAW represents about 26,000 workers at Chrysler and 62,000 at GM.
The union is under pressure along with bondholders and banks to help Chrysler and GM slash debt so they can restructure. The central issue for the UAW and the car companies is reaching an accord on restructuring the finances of a multi-billion-dollar retiree health care trust.
(Excerpt) Read more at reuters.com ...
Who is going to want these turkeys?
the sad thing is that if we dropped cash from helicopters it would probably be less damaging to our economy in the long run. Where does all of this money go? What kind of bussiness surives bleeding this long? It’s like cutting off a guys side and pumping blood into him rather than treating the wound.
When our currency is worthless, everyone outside of Michigan is destitute, and everything in Michigan is run by union bosses.
Why keep these companies on the drip?
Let them die, and let anyone buy up the remainder and start from scratch.
Who would buy a GM car now.. or a chrysler..
Well, at least it’s down from billions of dollars earlier to millions of dollars now.
So I guess we’re making some progress.
And here I thought my day was over... LOL
There is no shortage of fools in this country.
!#%@$#@#!
Bottom line: The unions get to keep their golden retirement packages, especially free health care, and we the taxpayers will end up paying for it.
This sucks bigtime. Who the hell gave Obama the power to just funnel money to GM, rather than allow them to just fail, like they should? Where is it in the constitution? I thought Congress appropriated money.
Let them go through bankruptcy!!! God this sucks.
And this administration wonders what the Tea Parties were about.
Obama is buying votes with our taxes and national debt.
Hint: The United States is still on the map. Not enough...
Hell with that!
Union thugs were never concerned with the well being of the company or the bottom line cost of their grossly overpriced gimmick-mobiles.
Bleep-em all! Just put up all the production gear for sale in logically consolidated lots, and only to prospects dedicated to auto production. (not scrappers)
The Usurper Onada is trying desparately to prevent GM and Chrysler from bankruptcy so as to protect the autoworkers union. He thinks an alliance with Fiat could prevent that and thereby shore up his union support.
Problem: Unless GM and Chrysler fix their labor rate disparity with foreign auto companies they can never dig themselves out of the hole. I think The Marxist Onada forced the last GM chairman to resign because he could not come up with a financial plan that protected labor wages.
So now The Messiah is desparetely hoping Fiat can save his bacon. Problem: I don’t see Fiat biting unless it can fix labor rates. That is Detroit’s root problem. Only endless amounts of “bailout” money will keep the auto makers marginally afloat.
The Usurper has a delicious conundrum here as far as union support goes if he does not protect the auto workers. But this is what happens when ideology trumps facts, truth and common sense.
The only reason he wants to keep GM and Chrysler running is so that the UAW can continue to exist and as such can continue to funnel money into the Democrat party.
It is for that reason that I will never understand why Bush ever agreed to letting GM and Chrysler (or any company) get any bailout.
"We need President (Barack) Obama and his auto task force to stand up for the interests of workers and retirees in these restructuring negotiations," the union said... represents about 26,000 workers at Chrysler and 62,000 at GM... under pressure along with bondholders and banks to help Chrysler and GM slash debt so they can restructure. The central issue for the UAW and the car companies is reaching an accord on restructuring the finances of a multi-billion-dollar retiree health care trust.IOW, universal nationalized faux health care, here we come.
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