Government Takes Over GMAC
"UAW agrees to concessions, closings at GM; Chapter 11 could still loom" by Tom Krisher, Associated Press | May 22, 2009
DETROIT - The United Auto Workers struck a deal with General Motors and the federal government yesterday to cut labor costs, close factories, and change the way retiree healthcare is funded. The agreement could ease one of GM's biggest problems: the cost of its workforce.
Yup, that damn over-priced Amurkn that doesn't like eating s***.
But the automaker is still struggling with a crushing debt that may drive it into a Chapter 11 bankruptcy reorganization.
Yeah, you also got screwed, taxpayer!
Harlan Platt, a Northeastern University professor who teaches corporate turnarounds:
"[The deal is] the best news for everybody involved. This is great for the workers because some of their jobs will be there in the future. This is great news for the Obama administration because they've demonstrated they're respecting contracts."
WTF? How did they respect contracts by making the union renegotiate?
I can't take the lies anymore!!!!!!!!! And that's a college professor!!!
--more--"
Too bad you aren't a creditor or bank, auto worker:
"GMAC gets $7.5b for car loans" by Bloomberg News | May 22, 2009
SAN FRANCISCO - GMAC LLC, the auto and home lender bailed out in December, received $7.5 billion from the US Treasury to expand auto lending at Chrysler LLC and was cleared to sell government-backed debt for the first time.
Which, of course, means taxpayer-backed.
And WTF? Without the jobs, how we gonna get loans for cars?
