Posted on 04/23/2009 12:48:06 PM PDT by MaestroLC
Not only that but the bond holder probably have insurance for default. The default will probably put someone who is too big to fail under and the treasury will bail them out too.
Shouldn’t it be CHRYSLER who decides to file bankruptcy?
Yeah, bribes are where it’s at for sure.
“How can you take retired people and pull the rug out from under them?”
That’s a liberal stance if I’ve ever seen one.
That’s like saying “How can you take employed people and lay them off?”
It happens and it happens to a lot of people, especially now.
People that paid into their 401Ks aren’t getting any assistance for their losses.
Many companies are forced into bankruptcy and don’t go willingly. Chrysler is being forced into bankruptcy.
Filing for bankruptcy should get rid of that UAW albatross! Leave it to the completely unethical Demonrats to fudge that one.
Again, the hypocrisy is stunning...the little guy can have his entire world destroyed after a lifetime of work, but God forbid an AIG exec is denied his bonus at taxpayer expense. You know there is contract and pension law involved here. But of course only bank and AIG contracts have any validity (sarcasm).
A pension is not a 401K...there are laws you know and contracts.
Michigan was going down anyway. No amount of govt. money is going to save it. People used to move to Detroit to make the cars. Now they are just going to have to leave it. These companies cannot continue to lose the kind of money the have been and continue forever. Therefore, I don't accept your premise or conclusion. It is this kind of thinking that has prolonged the inevitable.
!. Yes Michigan is not alone but the density of UAW retirees from the auto companies and vendors is far greater as a 5 of total.
2. There will be no deal or restructuring until the UAW retiree problem is removed from the companies in whole or in major part. The government and the UAW must submit to the burden. If they don’t they lose all.
Nothing personal....but you union folks need to drain every penny you have and then go to your kids and take all their money and then invest in GM. Then you have a stake!
BTW..I was forced into a union a time or two and it became apparent that they only protected the weak and union leadership didn’t have the brains to pour urine out of a boot with the instructions on the heel! They were however quite good and living fat off the labors of others.
“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....”
These bastards are running this country into the ground, while they protect the unions...WITH MY FREAKIN’ MONEY! F*CKING SOCIALSTS!!!
I lost my job for 6 months and I don’t recall Uncle Sugar bailing MY ASS out....
Wake up, Republican politicians. Your ass is also in a sling.
TIME TO REVOLT IS NOW! Bring it on Janet!
BTW, why is every Janet in a Democrat cabinet a flaming loon?
Didn’t Delphi retirees hire that west coast firm that helped Delta win on health care?
Be curious to see where the Treasury Dept./Chrysler files. I saw an article in Detroit Free Press earlier (can’t find now: `Who controls the past controls the future’?) where Michigan officials want it filed in Detroit.
.....It is this kind of thinking that has prolonged the inevitable. .....
It is not as if the problem suddenly arose. It has been well understood for years. It is not a business or economic problem. It is now a political problem to which there is no really good solution. The party that won took on the problem and is now being forced to develop a solution.
Michigan, Indiana, and probably Ohio are at economic stake and there fore political stake. If the UAW is not bailed out, the resulting state death will kill the leftists forever. They will not let it happen.
There is a lot of anger at the UAW at its support of this idiot Pres__ent. It’s spilling over with all the bailout money given to GM and Chrysler. Honestly we will have to pay out money to the pensioners one way or another - bailout, welfare, settlement, insurance bailout, whatever.
I hope we aren’t getting used to the idea of such heavy handed interference and now we’re just arguing over how much is the right amount.
It appalled me that the Treasury is involved. Why isn’t Chrysler figuring this out for themselves, and the union’s lawyers go to court and fight for their share.
Gov’t always messes things up.
Fiat should run away from Chrysler.
Why is the government preparing the bankruptcy and not the company? The interests aren’t the same even though the government did give them $. Is the treasury going to prepare it and hand it to the company and order them to sign here? That would seem to put the company under duress which has interesting ramifications in contract law. The duress argument is especially strong considering the governments power and their ability and demonstrated willingness by this administration to raise the mob to get their way (to the banks we’re the only thing between you and the pitchforks for example. The message of that statement was do what we want or we’ll set the mob on you.)
>> we aren’t getting used to the idea of such heavy handed interference
Not getting used, but actively welcoming and demanding it.
MA is getting to hike taxes bigtime, and there is no furor over it.
America is fearful and looking to govt for help.
Bush shoulda never signed TARP. The precedent was set and is now snowballing into every aspect of life.
I’m no fan of unions however I never cease to be amazed by FReepers who support upholding executive contracts under capitalism but would do anything to see union contracts nullified. These are the same folks who decry class warfare yet engage in it themselves.
Most UAW contracts were bloated welfare programs however they are no less valid than the egregious compensation packages that were agreed to for corporate executives.
The unions and management killed the golden goose and taxpayers are bailing out both of them.
There’s three varieties of “we”:
* We Americans...
* We conservatives
* We conservatives on FR
Hopefully the last group or the last two groups aren’t sinking to that level. You’re right, the main part of the country is demanding gov’t help.
See this for the ultimate irony, written for GM:
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