Word: ans
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Dates: during 1970-1979
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While Washington may have given Chrysler a reprieve and preserved jobs for its 137,000 employees in an election year, the action may be a dangerous example for a system in which the right to fail is as enshrined as the right to succeed. Moreover, if Chrysler cannot make a...
The measure, however, is far from a pure giveaway. For one thing, the loan guarantee is not a handout but simply the Government's pledge to reimburse private parties for the money, up to $1.5 billion, that they lend to Chrysler if the auto firm is unable to repay...
Chrysler will be eligible for the federal guarantee only if it raises $2 billion on its own from sources specified by the legislation. From domestic banks, financial institutions and other creditors, for example, Chrysler must find $400 million in new loans that would not be covered by the Government'...
On top of this, the key requirement imposed by Congress is the contribution from Chrysler's workers. Although its blue-collar employees have already agreed to forgo expected wage increases amounting to $203 million in the next three years, Congress insists that an extra $259.5 million be cut. This...
Byrne's biggest problem has been the transit strike. By taking a tough stand, she initially had public opinion on her side. The 11,000 transit workers are among the highest paid in the nation; experienced bus drivers make $10.58 an hour. Only a week before the walkout, a...