The Homa Files

An “orderly, pre-packaged reorganiztion” didn’t make the cut after all.

Instead, Bush just cut a check, loaning GM and Chrysler $17.4 billion to bridge them through the end of January. 

The “teeth”: companies have to promise to try harder.  Just kidding, that’s not even a requirement as near as I can tell.  No restructuring of overhead; UAW workers will still get $150,000 to work the line.

Bottom line: Bush got freaked that the sky would fall and didn’t have the stones to push the UAW to reopen the gold plated contract. Geez.

PS: the politics of this move are interesting …

Full article:
http://online.wsj.com/article/SB122969367595121563.html?mod=testMod 

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This entry was posted on December 19, 2008 at 10:02 am and is filed under Autos - Travel, Government & Politics. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.