Word: corkers
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...while on Thursday, however, it looked like it might not come to that. After steadfastly refusing to negotiate in the beginning of the week on a plan they believed wouldn't force the Big Three to seriously restructure, Senate Republicans, led by Bob Corker of Tennessee, engaged in a marathon session of talks. By late in the day, it seemed like they might be amenable to a plan that would involve the automakers slashing their debt by March 31 and forcing the United Autoworkers Union to accept wage cuts that would put them on par with employees of foreign automakers...
...made no secret that it's shopping for a merger partner, will spend the money. "It troubles me a little bit knowing that basically all we're really doing is providing a little capital for y'all to hang around long enough to get married," said Republican Bob Corker of Tennessee...
Still, Zandi stressed that even that amount would be dwarfed by the costs of the alternative: the entire (or even just part of) the auto industry going under. Some Republicans like Corker argue that a bankruptcy reorganization - potentially aided by temporary government financing - is the only way for the automakers to make the serious reforms (closing factories and dealerships and cutting union wages and benefits) necessary to make them truly competitive with foreign competition. But Zandi stated what many experts believe, that bankruptcy for the already ailing automakers would mean only one thing: total liquidation and a potential loss...
...that was what was needed to bring costs down, and whether the proposed $25 billion in bridge loans wasn't simply a down payment. But several noted that Ford is at the head of the class. "My sense is that Ford has done a better job," said Senator Bob Corker, who added that "GM is spiraling downward and in serious trouble" and that Chrysler "barely has a heartbeat." He then called on Ron Gettelfinger, president of the United Auto Workers, to rate the companies. "I'd rank 'em Ford, Chrysler and General Motors," the union man responded. That...
...Gadd hopes to clear his name. He has claimed publicly that he did not know the age of consent in Vietnam was 18, and describes his legal ordeal there as a farce. "He tells me that his trial in Vietnam . . . was a charade, was a travesty of justice," Corker said. "He's pleased to be back because there is a possibility that, for the first time, he can appear before a court of justice...