The UAW will own 50% of Chrysler after the bankrupcy. Do you see anything wrong with this?

ORWELL

Rush Limbaugh predictions continue to come true, what next?
BEGIN TRANSCRIPT

RUSH: I need to play you an audio sound bite. Last December, on this program, December 22, three days before Christmas, I had a phone call. I took the phone call. This was how it sounded.

RUSH ARCHIVE: Don't worry. The automobile industry is not going to go kaput because the United Auto Workers will not be allowed to go kaput.

CALLER: Well, God knows I hope not.

RUSH ARCHIVE: What's going to happen is the UAW is going to end up owning it.

CALLER: What? (laughing)

RUSH ARCHIVE: After the government invests and nationalizes the auto industry, the Obama administration, out of a sense of compassion, will transfer ownership free of charge, just transfer the deed to the United Auto Workers.

RUSH: Today, ladies and gentlemen, the Wall Street Journal has the dirty details. Fifty-five percent of Chrysler owned by the United Auto Workers, 35% owned by President Obama, common shares, which means voting, 39% of General Motors owned by the United Auto Workers, the rest owned by President Obama. This was so easy to predict once I figured out what his plan is, to return the nation's wealth to its, quote, unquote, rightful owners. So in Obama's worldview the United Auto Workers has been screwed ever since it was founded by the auto companies. The executives have gotten rich, the white-collar guys have gotten rich, the salaried people have gotten rich, and the union guys have gotten dirt. They've had to eat excrement sandwich. It's payback time, it is payback time. And so today, once again -- do you realize what this is going to do to my opinion audit? I mean this is a big, big, big addition to the accuracy rating.

http://www.rushlimbaugh.com/home/daily/s...

â€¢ Wall Street Journal: UAW to Get 55% Stake in Chrysler for Concessions
http://online.wsj.com/article/SB12408775...

â€¢ Bloomberg: UAW Said to Get 55% Chrysler Ownership, Board Seats
http://www.bloomberg.com/apps/news?pid=2...

â€¢ Washington Post: GM's New Road Map: Partial Nationalization
http://www.washingtonpost.com/wp-dyn/con...

â€¢ National Review: Geithner: The Fox Guarding the Henhouse? - Larry Kudlow
http://corner.nationalreview.com/post/?q...

TedEx

Not one bit. Now the unions' very existence depends whether or not Chrysler flies or crashes. You will see a whole new attitude in the Union Hall. Now, out of every two cents that Chrysler loses, one cent will come right out of their pockets. It's called, " Reality check."

It'll be interesting to see if a war starts between the current,active employees and the retired employees.

Donovan

Helping a company get out of bankrupcy and reform their framework isn't wrong.

What is wrong, though, is to just sit there and let them go bad, just to "punish" them. But guess who else suffers? The American people.

We are not going to let chrysler to bad, just so someone like you doesn't detect a hint of "socialism." Ridiculous.

Teresa (SFECU) -â€ - pray4revival

That will all depend on if the court requires the UAW to pick up the debt their company owes the taxpayers. If the judge says "you wanted the company, so you get the debt" then it looks like all those over paid auto workers will have no choice but to take pay cuts like the rest of America has taken to pay back what they got from us.

However, if the judge releases them from the debt, then it looks like Chrysler will be closing its doors in the near future because there are few taxpayers that are going to be willing to buy their product after they've stolen that much from us. So, it would be in their interest to accept the bad debt along with the good benefit of keeping their jobs.

In the end, it could all work out much like it did for Southwest Airlines or at least some of the other airlines that would have gone belly up if not for employee investment options. And if it gets us paid back, who cares that they own their own company?

It just all depends on the court now.

TomT

Yeah, but the UAW is going to have a h*ll of a time talking me into buying another Chrysler product. Me and millions of others like me.

wizjp

Could go either way. Might just give the UAW some incentive to get contracts for labor into the real world or THEY can go bankrupt.

Big One 0909

Yes. Chrysler got out of it's last mess by becoming EMPLOYEE owned.

Where does a Union get the scratch to buy half interest in a car company? Over-confiscation of members money? I think!

Clearly the Union has become too powerfull. Will we allow our government to do the same? Oh but THAT is a GOOD thing right?

Carpal Tunnel Kid

i see, 50% and chrysler, what is the probrem???

i r knot eh mathmatician.

dinodino

No. They took 50 cents on the dollar for Chrysler stock in exchange for Chrysler's pension obligations to them. Ties their well being to how well Chrysler's stock does in the future.

As far as what RUSH said, the UAW didn't get the stock "free of charge", they gave up 50% of their pensions for stock that is of dubious vale in the future. Also, Obama doesn't personally own any stock. Rush's characterization of Obama's views on the auto industry is his typical over the top exaggeration.

Correction: "The union, for example, agreed to accept company stock for 50 percent of what Chrysler owes its retiree health care fund".

Pancakes

I see all kinds of things wrong with this.

pissedoffbastard13

That's only if a Federal judge signs off on the deal, and that's looking less and less likely. As for anything being wrong with it, why is ownership by an American union worse than ownership by a foreign corporation, like Fiat? That just doesn't make sense to me!

Don M

Your wrong and I don't see anything wrong with this. It's the same thing Reagan did to the ail lines in the 1980's. By the way it's 1/3 UAW, 1/3 Canada government and 1/3 American tax payers.

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