[Petronski]

The Obama administration's kissy-kiss with the UAW on a bankruptcy deal (and who ever would have seen THAT coming) is frankly akin to a bridal consultant pushing a bride-to-be to gain 500 pounds and have her face chewed off by a deranged chimpanzee in order to prepare her for her nuptials.

You really . . . uhhhh . . . really paint a picture . . .

[TexasRedeye]

...United Automobile Workers union, whose members’ pensions and retiree health care benefits would be protected ...

'nough said!

The very costs that sank Chrysler and GM. Makes my head explode!

[TBP]

If I were running Chrysler, I’d run to court NOW to file a real bankruptcy before Furer B. Hussein can impose anything.

[businessprofessor]

What happened to the Pension Benefit Guarantee Corporation (PBGC)? When a company declares bankruptcy, the PBGC steps into take over the pension. Normally pension benefits (especially for high earners) are sharply reduced when taken over by the PBGC. Witness the airlines, steel companies, and many other industries in which many companies have gone into bankruptcy. Has the current regime declared the end of the PBGC? Can every company expect the same treatment of their unfunded pensions?

This deal is pure payola. The UAW was a big time supporter of the rats. The taxpayer is forced to takeover the outrageous UAW pensions and retiree health care. Every rat supporting this deal should be in the slammer.

[GeronL]

does anyone remember what happened at the motor factory in ATLAS SHRUGS when they decided to become a collectivist enterprise??

I guess its going to be Chrysler

[KarlInOhio]

The Treasury has an agreement in principle with the United Automobile Workers union, whose members’ pensions and retiree health care benefits would be protected as a condition of the bankruptcy filing

With the current contract Chrysler has a negative net value. The only three options are:
1. Chrysler is dissolved
2. Chrysler ownership is retained by the government
3. Chrysler ends up owned by the UAW.

I think number three is the most likely. There is a slight chance that the government will throw in a few billion extra "free of all strings" (cough, cough) except for the UAW contract to help someone else buy it, but I doubt that anyone is stupid enough to pick that up after how the government has changed the rules on the banks.

Now a question: If the UAW owns Chrysler, how can they be be seen as unbiased among the car companies when negotiating? Will they have to split into two different sections, one to own Chrysler and one to represent the workers at Ford and GM?

[Carley]

Obama has imposed a suicide pact on America.

[SuziQ]

Why are they pushing for Chrysler to declare bankruptcy, but didn’t seem to want GM to do the same?