Word: chrysler
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When the government provided GM and Chrysler with $13.4 billion to support their operations though the first quarter, a number of members of Congress objected to the bailout which has been estimated to carry a $34 billion price...
...United Auto Workers is engaged in delicate discussions with Chrysler LLC and General Motors Corp. on a new round of concessions from 90,000 autoworkers that will be critical to the survival of both companies...
...However, Chrysler chairman Robert Nardelli stressed in a letter to employees this week that more concessions are needed from the union if the company is to produce a credible viability plan. Chrysler has also noted that it will cap executive compensation as part of an overall plan...
Meanwhile, GM, rather than pushing for wage cuts, is demanding sweeping changes in work rules that would make it easier for the company to staff its plants with temporary workers as well as changes to the funding of the retiree healthcare trust or VEBA. Both GM and Chrysler agreed to fulfill their obligations to fund the VEBA with stock as well as cash, as required by the terms of the Bush bailout. But the automakers cannot unilaterally change the terms of the trust, so it's on the negotiating table...
Both companies want at least some commitment on the extent of the union concessions by Feb.17 when GM and Chrysler are scheduled to submit drafts of their new "viability plans" to the Treasury department. The automakers are supposed to show they have labor costs that are "competitive" with foreign car companies operating in the U.S. (See the 50 worst cars of all time...