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It REALLY pays to be a labor union under this administration:
The boon for the union fits the pattern established when the White House pushed GM into bankruptcy and steered it through the courts in a way that consistently put the interests of the union ahead of many suppliers, dealers and investors — stakeholders that ordinarily would have fared as well or better under the bankruptcy laws.
The original stockholders were screwed to the wall by this administration, and the taxpayers will take years to recoup their investment if they ever do so,....but the labor unions are free to do as they please and are whistling to the bank with their loot.
Gotta love this anti-business, pro-labor administration.
You gotta remember that Obama hails from Chicago, where union thuggery and the democratic party go hand in hand. One hand scratches the other's back and around they go.
The original stockholders did indeed get completely screwed in favor of the union. They got pennies on the dollar, literally. What did the unions get? Special treatment from their friends in DC.
You realize those Unions, are made up of a lot of American working people, right?
From the same article:
Union claims ordinarily do not receive such special treatment in bankruptcies.
.......the union trust fund under the White House deal puts it not only ahead of the Treasury but on a par with secured creditors such as banks, which normally receive the most favorable treatment from bankruptcy courts.
You have to just love the "take from one and give to another,....spread-the-wealth" mentality of this administration. Why do people just dismiss the original shareholders that got shafted? After all, they are BOTH "American working people" AND taxpayers. They got a double whammy.
It REALLY pays to be a labor union under this administration:
The boon for the union fits the pattern established when the White House pushed GM into bankruptcy and steered it through the courts in a way that consistently put the interests of the union ahead of many suppliers, dealers and investors — stakeholders that ordinarily would have fared as well or better under the bankruptcy laws.
The original stockholders were screwed to the wall by this administration, and the taxpayers will take years to recoup their investment if they ever do so,....but the labor unions are free to do as they please and are whistling to the bank with their loot.
Gotta love this anti-business, pro-labor administration.
Too bad, that it was decided well before Obama took office that everything that could be done would be done to save the auto industry.
[LEFT][LEFT]"I told Barack Obama that I wouldn't let the automakers fail," Bush writes. "I won't dump this mess on him."
From The Detroit News: http://detnews.com/article/20101108/AUTO01/11080385/Bush--GM--Chrysler-bailout-to-‘safeguard-American-workers’#ixzz16UqCQtok (http://detnews.com/article/20101108/AUTO01/11080385/Bush--GM--Chrysler-bailout-to-%E2%80%98safeguard-American-workers%E2%80%99#ixzz16UqCQtok - broken link)
Bush: GM, Chrysler bailout to 'safeguard American workers' | detnews.com | The Detroit News (http://detnews.com/article/20101108/AUTO01/11080385/Bush--GM--Chrysler-bailout-to-%E2%80%98safeguard-American-workers%E2%80%99 - broken link)
Too bad, that it was decided well before Obama took office that everything that could be done would be done to save the auto industry.
[LEFT][LEFT]"I told Barack Obama that I wouldn't let the automakers fail," Bush writes. "I won't dump this mess on him."
From The Detroit News: http://detnews.com/article/20101108/AUTO01/11080385/Bush--GM--Chrysler-bailout-to-‘safeguard-American-workers’#ixzz16UqCQtok (http://detnews.com/article/20101108/AUTO01/11080385/Bush--GM--Chrysler-bailout-to-%E2%80%98safeguard-American-workers%E2%80%99#ixzz16UqCQtok - broken link)
Bush: GM, Chrysler bailout to 'safeguard American workers' | detnews.com | The Detroit News (http://detnews.com/article/20101108/AUTO01/11080385/Bush--GM--Chrysler-bailout-to-%E2%80%98safeguard-American-workers%E2%80%99 - broken link)
And hence the rise of the Tea Party. But critics will continue to maintain that the Tea Party is only anti-Obama.
Anyways, Bush agreed to loans for the failing automakers so that they could restructure their failing business model, not as a payback to the unions.
Quote:
Bush blames the industry's near collapse on "decades of poor management" and said GM, Chrysler and Ford Motor Co. "had been experiencing problems for years."
The management "saddled automakers with enormous health-care and pension costs. They had been slow to recognize changes in the market. As a result, they had been outcompeted by foreign manufacturers in product and price."
Quote:
He said he "wanted to use the loans as an opportunity to insist that the automakers develop viable business plans."
Those terms included new labor contracts, new agreements with bondholders and restructuring their operations.
The bailout loans were hard a enough pill to swallow for the american public, but the ensuing deal the union got at the expense of the investors was just the icing on the cake, and that was all Obama.
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