UAW Local 602 president: “It’s premature to speculate about wage cuts or if one will even occur.”
See, they were never serious about lowering costs or making money, the stus quo was what they were going with. The conditions have not been fully examined by outside sources, so until that time, here are the conditions attached to the money:
“In the midst of a financial crisis…allowing the U.S. auto industry to collapse is not a responsible course of action,” Mr. Bush said.
The deal would extend $13.4 billion in loans to General Motors Corp. and Chrysler LLC in December and January, with another $4 billion likely available in February. It also would provide the government with non-voting warrants, although the exact amount was unclear immediately.
The deal is contingent on the companies’ showing that they are financially viable by March 31. If they aren’t, the loans will be called and all funds must be returned, officials said.
“We do not face a near-term liquidity issue, and we are not seeking short-term financial assistance from the government,” Ford president and chief executive officer Alan Mulally said in a statement.
Ford said it hoped to restructure its business without government assistance but requested the nine billion dollar line of credit as a “critical backstop or safeguard against worsening conditions.”
Related Articles:
- Bush says he can't let auto companies collapse...
- Bailout for autos...
- ...access the money immediately
- 'Short-Term Loans'...
Here is a link to a list of products made by UAW workers. Boycott the companies!
Here is just a short list of big names that popped out:
- Miller Brewing Co.
- Land O’Lakes
- Folgers Coffee Co.
- Planters Peanuts Kraft Foods
- Bacardi Corp
Well the great black leader can’t wait to get his little hands on the money deals.