Word: auto
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Dates: during 2000-2009
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...Canada is paying a significant premium over the U.S. to save Chrysler jobs at home, with no guarantees that the billions it is laying at the automaker's door will ever be repaid or do anything to help maintain the country's 20% production share of the North American auto industry...
...Canada, which has 9,400 hourly and salaried workers on payroll. That's 15% more than the $295,000 per employee that Washington is shelling out to save about 40,000 Chrysler jobs in the U.S. "This money will never be paid back to the Canadian government," says Toronto auto analyst Dennis DesRosiers, with DesRosiers Automotive Consultants. "The deal has been spun in a positive way, but if taxpayers understood what's really going on, they would revolt...
...parts suppliers have engaged in a ferocious campaign to save the automaker, both in Ottawa and at the Ontario legislature in Toronto. At the same time, Harper and McGuinty are fearful of the repercussions of having Chrysler Canada fail on their watch, possibly triggering a collapse of Ontario's auto sector...
...Also, the Obama Administration has made it clear that Canada needs to step up with a serious rescue package for Chrysler and General Motors if it wants a voice in how the North American auto industry is restructured. But it's already a silent partner, receiving just 2% of Chrysler and one director on the new board in exchange for $3.2 billion in support. That's poor payback, says Jack Layton, head of the New Democratic Party, Canada's fourth largest federal party, which enjoys strong union ties. "The government did not fight hard enough for job and production-share...
...Much has been made of the fact that, as things are currently being planned by the Administration, the government will become the largest shareholder in GM and the UAW will be the largest shareholder in Chrysler. Why would taxpayers want to have a controlling interest in a large auto company along with the portfolio of investments that their elected officials have purchased for them at a number of big banks? The issue is a red herring. In the case of Chrysler and GM, federal money is going into the companies and has to be paid back if the restructuring...