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After Auto Bailout Collapses in Congress, Eyes Turn to the Bush White House

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CERBERUS Is Leveraging Billion Dollar Connections In Congress
For Chrysler, if the bailout was Structured effectively, the Cerberus share position would be rendered irrelevant.
http://pacificgatepost.blogspot.com/2008/12/leveraging-billion-dollar-connections.html
The Deal Structure is always, always the key.

James Raider of WA 1:25AM December 13, 2008

If the GOP is going to make demands on the UAW are they going to make the same demands of the Wall Street Robber Barons?
Who are the Republican Senators kidding, not Americans. The GOP has always been against union workers that is the only reason they are blocking the loans to GM & Chrsyler. They had no problem giving $400 billion to Wall Street but cannot find a way to negotiate a LOAN. All union workers and non-union blue/white collar workers need to get together and force the Republican Senators to get off their fat butts and negotiate those loans, or, they will be held responsible for the hundreds of thousands who will be out of jobs. It is time we demand Congress and the Feds stop thinking of themselves and the Wall Street tycoons and start thinking of the well-being of the nation. Senate Republicans without blinking have given AIG $180 billion with no strings attached, no oversight and no czar to monitor where and how funds are distributed. That is why Wall Street idiots spent hundreds of thousands on luxury spas, thousands on expensive dinners and multimillions on controversial "retention bonuses." Face it folks, the GOP doesn't think we lowly workers on Main Street are worthy of saving but Paulson and Bernanke have argued against using bailout funds for Detroit because they can't pass a viability test -- I want to know what "viability" tests Wall Street has passed.

Ann M. of IL 6:11PM December 12, 2008

Law 1 of Jungle Economics says if you come to me asking for cash, I'm entitled to negotiate for a permanent piece of you. I'd be happy to pay tax dollars for GM Stock, as long as I don't have to sell the moment GM turns a profit. And as long as I (the gov't) purhase voting shares, I demand a say in how management run things. It may not be capitalism, but giving a trillion tax dollars to the banks, minus my consent, isn't capitalism either. Times change. Evolve damn it.

beakmur of KY 5:49PM December 12, 2008

I DON'T WANT TO SEE THE AUTO COMPANIES GO BELLY UP, BUT I DON'T WANT THEM TO HAVE CARTE BLANC TO GET THE MONEY WITHOUT BEING HELD ACCOUNTABLE. IF ONE OR TWO OF THE AUTO COMPANIES DO GO BELLY UP I WONDER WHAT THE LEADER OF THE UAW WILL TELL HIS LAID OFF WORKERS, WE DID'T MAKE ANY CONCESSIONS, OR WE SHOULD HAVE MADE CONCESSIONS SO YOU WOULD STILL HAVE JOBS EVEN IF YOU ARE MAKING LESS MONEY. THEY HAVE TO BE COMPETATIVE IN THEIR WAGES TO HELP COMPETE AGAINST THE IMPORT BRANDS. THIS FROM SOMEONE THAT HASN'T OWNED A DOMESTIC NAMEPLATE SINCE THE 1980'S.

RICH of FL 5:04PM December 12, 2008

if the people do not understand what will happen if the auto inddustry fails it is very sad millions of jobs will be lost and we will be in a depresion it going to effect the whole nation we reilly on other companys for parts this reccsion is going to spred all over the country and we will all be in breadlines why dosen't congress try to live like the middle class and pay for thier own hospital insurence and give up there penions like the rest of us

jocat of MI 4:09PM December 12, 2008

The ignorance of some people. I can't believe people are so against helping these companies. They are integrated into every dimention of the economy. To let them declare Chapter 11 or 7 would be disasterous.

of 3:59PM December 12, 2008

Thank God for men and women like Senators McConnell and Corker. After realizing what a fiasco the bank bailout was, I'm glad they are using caution in not passing other ludicrous spending measures that we cannot afford. It's refreshing to see these people doing what the people elected them to do. What a novel idea...politicians actually representing the people! It's about time someone reined in these unions. It's not about not caring for the "working man", because you can still be a good, job conscience, productive worker and not have a union "standing behind you" while doling out millions to the Democrats. Five hundred million bucks given to candidates in the last election cycle would buy a lot of benefits for the auto workers. The unions are not lokking out for their members, they are looking out for themselves and their dollars.

Doug of IN 2:15PM December 12, 2008

Union workers for the big three receive pension and health care benefits that are significantly more generous than virtually everyone else in America. The union needs to make concessions in this area if they want their employers to get taxpayer monies.
Retiree costs are another major issue. If management of the big three had funded pensions properly, retiree pension costs should not be and issue today. But the real issue is retiree health care costs. With more retirees than workers, this places a tremendous burden on the big three that other auto companies do not face. Some concessions by the retirees must be made.
Look for Bush to provide enough funding for the big three to survive into next year. That puts the problem in the lap of Obama and the next congress. And they will be blamed if any of the big three go bankrupt.

Bob of TX 2:03PM December 12, 2008

GOOD, ITS ABOUT TIME WASHINGTON SHOWED SOME GUTS AND STAND UP FOR WHAT NEEDS TO BE DONE. NO TARP AND NO BAILOUT LOANS WITHOUT SUBSTANTIAL CONCESSIONS BY AUTOMAKERS AND THE GREEDY UAW.
WHY SHOULD THE MAJORITY OF TAX PAYERS BAILOUT SEMI SKILLED UNION WORKERS, WHILE OTHER SKILLED UNION WORKERS MAKE A THIRD OF WHAT THEY MAKE.
WHY SHOULD TAX PAYERS BAILOUT COMPANIES WHO FAIL TO MAKE RESPONSIBLE BUSSINESS DECISSIONS AND AGREE TO BAD BARGAINING AREEMENTS THAT BLEED THEIR COMPANIES. WHAT HAPPENED TO THEIR RESPONSIBILTIES TO SHAREHOLDERS.
LET THEM FILE CHAPTER 11 , THE MAJOR AIRLINES DO IT AND SURVIVE SO CAN THEY. SHOW SOME RESPONSIBILITY AND PEOPLE WILL SUPPORT THEM.

JOHN of 1:29PM December 12, 2008

The Dixie Republicans fall into two categories: (1) captives of the foreign car makers operating in their states, (2) knee-jerk union haters who have no respect for the working man. Salaries are not the issue, it is the existing pension plan obligations that create the labor cost gap between Detroit and the foreign makers in southern states. Puppets like Tennessee''s Corker and Kentucky''s McConnell as well s morons like Alabama''s Shelby have nothing but contempt for the working man and all those that will lose their jobs if Detroit goes down.

jefflz of CA 1:21PM December 12, 2008