Word: funded
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...else but the government would pay the suppliers, fund the sales incentives, guarantee the warranties that would keep local economies limping along from Fresno to the Finger Lakes? "These companies were saddled with an impossible set of liabilities," a task-force member explained. "Our job was to clear up their balance sheets, restructure their debt, cut their costs and put the new management in a position to execute a turnaround. And we hope that a part of that will be an increased focus on designing and building products that people want...
...best-selling vehicles in the U.S. in 2008, only one, the Dodge Ram pickup, was made by Chrysler - compared with five for GM and four for Ford. A venerable European carmaker, Daimler, had already tried and failed to revive Chrysler. Its current owner, the private-equity fund Cerberus, had spent months of fruitless globetrotting in search of another car company willing to give...
...lowball - bid seems the wrong word - offer went like this: If the U.S. government would wipe out Chrysler's shareholders, buy out its bondholders, cut wages and jobs, deal with its retirement liabilities and fund the warranties, then Fiat would take a crack at Chrysler. The Italians would bring their cars to Chrysler's showrooms and share their advanced diesel technology with Chrysler engineers. Chrysler might sell some cars in Fiat's markets - Jeeps may have the best overseas appeal. Marchionne would lend his managerial chops. And if things worked out, Fiat would take a controlling share...
...Toyota's U.S. factories. When those givebacks are added to an earlier surrender of the notorious "jobs bank" - which paid laid-off autoworkers for doing nothing - clearly the UAW's once heavenly bed has lost much of its fluff. What remains is the VEBA, the multibillion-dollar trust fund designed to protect a key element of the membership's fabled retirement benefits - which the union refers to as deferred wages. As in the Chrysler deal, the UAW agreed to trade a chunk of the cash GM owed the VEBA for 17.5% equity in the company and other considerations. (Read about...
...priority was supporting the troops. "He resourced the important bureaucratic knife fights," said one senior Army officer. "He sided with us on MRAPs [mine-resistant vehicles] and unmanned drones, and increased intelligence, and more helicopters. Those should have been no-brainers, but it had been a real struggle to fund them before Gates." A military intelligence officer who was an Iraq specialist told me he had been pleading for more resources throughout the Rumsfeld years: "Iraq was Rumsfeld's fourth highest priority, after China, North Korea and Iran," he said. "But Gates called me in and asked, 'What...