Wait. He who would heal the planet can’t heal Detroit?
Chrysler, one of the three pillars of the American auto industry, will file for bankruptcy today after last-minute negotiations between the government and the automaker’s creditors broke down last night, an Obama administration official said.
U.S. officials had offered Chrysler’s secured lenders $2.25 billion in cash if they would agree to writedown the $6.9 billion in secured debt that the company owed. But a small group of hedge funds refused the 11th-hour deal, forcing an imminent bankruptcy.
But not to worry. It’s just so they can get more money from us.
ccon:
Since Chrysler owned the UAW $20 billion, that’s how they got to own 55% of Chrysler.
In a month’s time, it’s also going to be the reason the UAW will own 29% of GM.
Company management caved into the UAW over the years. In effect, UAW took advantage of the law, took the car companies into bankruptcy, then took ownership.
Only in America?
Thanks Skip and Michael for the clarification.
YES WE’RE CANNED!!
Setyoufree, There’s no need to torment the head of the UAW. The job itself must be like the very Fires of Heck. Can you imagine trying to get stuff done in a union shop? Waterboarding would be like a day at the beach.
Indiana, I see that ulianov ain’t answering. I think your checkmate is assured.
“Indiana, I see that ulianov ain’t answering. I think your checkmate is assured.”
Na. He’s a taxpayer funded parasite using taxpayer owned assets. Look for a reply during business hours tomorrow.