Word: chryslers
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Dates: during 1970-1979
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...General Motors and the auto workers was not demands for more pay for the U.A.W.'s 460,000 workers on GM's pay roll, but for increased benefits for its fast-growing legion of retired employees. A big reason why policymakers in Washington are agonizing heavily over Chrysler's petition for federal help is the stark fact that if the company were to close down, the nearly $1 billion in unfunded pension obligations that it would leave be hind could exhaust the private-pension rescue fund that the Government maintains. Before long, the combined pressures of inflation...
...Congress to postpone putting into effect new provisions on multiemployer pension funds for fear that companies or unions would dump their programs and leave the Government to pick up the pieces. The largest net claim for a bankrupt firm to date was $35 million. In the unlikely event that Chrysler went into total bankruptcy and reneged on its pensions, the federal agency would have to put up perhaps $780 million. The Pension Corporation, whose assets total around $250 million, would be forced to ask Congress for additional funds to cover Chrysler's 124,000 workers...
...ailing Chrysler Corp. has been using $400 rebates and the pitching of Joe Garagiola to whittle down its huge inventory of unsold cars for a month now, but the firm's most important marketing drive is just beginning. Late last week the nation's No. 3 automaker submitted to Treasury Secretary G. William Miller a 27-page recovery plan with 90 pages of exhibits that laid bare inside details on profitability and marketing strategy of a kind that no automaker had ever before revealed. Said one Chrysler official: "We are really taking our pants off on this...
...difference between what Ernie Christian does for his clients on a daily basis, and what he has done for Chrysler is that one is done in the calm obscurity of the Joint Tax Committee's staff meetings, the other in the public glare...
NEXT WEEK: The Argument Against Rescuing Chrysler--or, Why Spend Public Money on a Lemon...