Chrysler Giving UAW Bonuses

Chrysler is lobbying Washington for $3 billion in subsidized loans from the Department of Energy that it was promised in 2009 to spur the development of more fuel efficient cars.  Chrysler wants more of our tax dollars but has the money to give the UAW bonuses.

When Chrysler reported its 2010 numbers, it revealed the company lost $652 million for the year.  They lost money and are handing out bonuses to its workforce which is somewhat mystifying.  Chrysler’s CEO Sergio Marchionne is not calling the $750 bonuses to UAW workers profit-sharing.  No, he’s calling them performance award payments.

Chrysler’s $3 billion loan application is still pending, denying the automaker a chance to refinance its pricey bailout loans before an expected initial public offering this year.  “It just underlines the special challenges for Chrysler,” Sean McAlinden, chief economist for the Center for Automotive Research.  “They’ve got another really tough year and they need the money.”

Chrysler’s biggest shareholder, the United Auto Workers seems just fine with the performance payments.  United Auto Workers President Bob King said he is “pleased at the turnaround that Chrysler and the other domestic automakers have made. The dedication and hard work of UAW members at Chrysler have contributed greatly to this success, and we appreciate the company’s recognition of the contribution made by employees. We are convinced that Chrysler has a great future and look forward to more opportunities for our members to share in that success.”

Did the people who should have been protected in Chrysler’s bankruptcy receive any money?  NO!!! Barack Obama took care of the unions and rewrote bankruptcy laws to do it.  Now the unions who conceded nothing in the bankruptcy get bonuses.

You can be assured Obama and his corrupt administration will make sure Chrysler gets $3 billion more tax dollars.  He puts America deeper in debt to benefit the unions.  Is this the change you wanted?

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