Word: canadas
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Dates: during 2000-2009
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Canadian Prime Minister Stephen Harper said on Monday that his government will invest $9 billion in General Motors of Canada Ltd. to keep it alive amid harsh criticism that the unpopular bailout will end up costing Canadian taxpayers millions of dollars for each assembly-line job saved...
...what is," says Toronto analyst Dennis DesRosiers with DesRosiers Automotive Consultants, referring to the ransomlike price GM demanded for its promise to maintain a share of its car and truck production north of Detroit. "This deal does more to get Obama reelected than it does to save jobs in Canada...
This latest announcement by Prime Minister Stephen Harper brings the total cost for Canada of restructuring GM to $9.5 billion, including $450 million in emergency funding already used by the car company, compared to $49.8 billion promised by the Obama Administration. In exchange Ottawa and the province of Ontario, where GM Canada has all its operations, receive a 12% stake in Detroit-based GM, representation on the new board and the promise to keep 16% of the struggling automaker's production in Canada as it restructures in coming months...
...present GM Canada has 12,000 hourly and salaried employees, but that number is expected to shrink to about 5,500 over the next couple of years. About 1,100 of the new total is expected to be salaried jobs, which are unrelated to assembly operations. That means Ottawa and the Ontario government are together spending an unprecedented $2.1 million for each assembly job at GM Canada they hope to save...
Despite the hefty price tag, both Ottawa and Ontario felt their hands were tied, and there was little haggling. "We had to save it all or have zero forever," PM Harper said at a joint news conference in Toronto, referring to the rescue of GM Canada...