I wonder if Tony Clement knew about this when he inserted himself into negotiations between Chrylser and the CAW by insisting that the union had to make large concessions.
But if Chrysler goes down, it's the union's fault.Top officials at Chrysler Financial turned away a $750 million government loan because executives didn't want to abide by new federal limits on pay, sources familiar with the matter say.
The government had been offering the loan earlier this month as part of its efforts to prop up the ailing auto industry, including Chrysler, which is racing to avoid bankruptcy. Chrysler Financial is a vital lender to Chrysler dealerships and customers.
In forgoing the loan, Chrysler Financial opted to use more expensive financing from private banks, adding to the burdens of the already fragile automaker and its financing company.
You mean you don't believe that the execs are entitled to their entitlements?
Still, does this mean that we are not, after all, subsidizing these slugs? I realize the danger that could mean to the workers as well, mind you.
It was the American government that was offering the loan (and attaching the executive compensation limits). And while Chrysler Financial turned down that loan, I don't believe that's all the US gov't has offered to do for Chrysler.
Aha. This is Cerberus stuff too. On this turf, skdadl is out of her depth, but EW is right at home.
You must be able to see through this facade and understand that first and formost that one of the main goals of these corporations is to break the back of the unions. The company will carry on in a smaller, more aggresive shape. It is yet to be seen if they'll even back the pensions of people that worked and built this company for 30 even 40 years. These company heads should have to work the assembly line to see the sweat and toil it takes to be able to qualify for a reasonable pension at the end of their working lives.To take that away from them is unconsionable.
I don't know if Clement knew, but I just forwarded that article to Lowell Green who has been bashing the CAW on air for days now :-)