An “orderly, pre-packaged reorganiztion” didn’t make the cut after all.
Instead, Bush just cut a check, loaning GM and Chrysler $17.4 billion to bridge them through the end of January.
The “teeth”: companies have to promise to try harder. Just kidding, that’s not even a requirement as near as I can tell. No restructuring of overhead; UAW workers will still get $150,000 to work the line.
Bottom line: Bush got freaked that the sky would fall and didn’t have the stones to push the UAW to reopen the gold plated contract. Geez.
PS: the politics of this move are interesting …
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