Fiat CEO Sergio Marchionne, in an interview published Wednesday, said the Italian automaker will walk away from a nonbinding agreement to take a 20 percent stake in Chrysler and share its small car technology unless the U.S. automaker’s unions agree to major cost cuts...
Chrysler, which is living on $4 billion in loans from the U.S. government, has to take on a partner and gain concessions from unions and debtholders by April 30, or the Obama administration will stop lending it money. No other suitors have emerged, and it’s likely that no bankruptcy financing will be available, so Chrysler would have little choice but to be auctioned off in pieces...
The uncertainty adds to worries for Chrysler’s 54,000 employees as well as thousands more who work for parts suppliers and dealers across North America.
“There’s definitely some worry and concern about what’s going on,” said Brett Ward, 35, a 15-year Chrysler worker who drives a forklift at an assembly plant in the Detroit suburb of Sterling Heights. “We haven’t been asked to vote on the contract changes yet.”(MSNBC)
Looks like the Union has lost their ability to common sense, with no Chrysler they wont have any jobs. It what if hypothetically the auctioned parts of chrysler which will probably be The dodge truck division and Jeep we bought by investers who move to a right to work state like Texas where Unions have trouble getting established as anything more than a political action committee. If the investers decide that it is futile to keep the factories in locations that have unions with unresonable expectations and a lack of an economy (Michigan, Ohio)to a different state. then the UAW just lost a good portion of their membership and looks retarded after the jobs will never return due to the remaining companies relocating. Once the apperance that the UAW cant do anything for their membership than they lose all negotiation leverage and probably a few thousand members that will rather save their dues then pay an organization that can no longer be depended on.
LOL at the funny union workers that thinks they are going to get to vote on any contract modification. What are they going to do if they dont like contract which gives them less, go on strike?
The Obamas banked last year, 2.6 Million (Washington Post)
Barack Obama's successful quest for the White House powered the sales of his nonfiction books, making him millions even as he assumed the presidency, his tax returns show...As a candidate in 2008, Obama earned about $2.6 million from the sale of his books, "The Audacity of Hope" and "Dreams From My Father," according to returns the White House released yesterday... The tax returns confirm the success Obama has had as an author during the past two years, as his largely autobiographical books have remained high on bestseller lists. His earnings in 2008, in addition to the nearly $4.1 million he earned the year before, put him in the top tier of nonfiction writers in terms of income from book sales.(Washington Post)
Maybe in the spirit of the economy sucking Obama gives more than 50 percent of his income to the IRS in taxes to show some financial sacrifice in a tough economic climate. He is living in government housing where he is only required to pay for his food and has everything else person needs subsidized by citizens. There is probably some poor sap on the payroll that is paid to specifically pick up dog poo. Or I wonder is it a intern type position or is it some former wallstreet analyst from bear stearns working to pay off his debt.
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