Friday, December 12, 2008

Here's what defeated the auto bailout: the Corker auto bailout amendment. The UAW would not agree to it



Here is the text of the Corker Amendment. According to reports, this was the sticking point that caused negotiations to break down. Tell me, what do you (the person putting up the money for this bailout) find so unpalatable?

Sen. Bob Corker (R-Tennessee) has proposed an amendment to auto bailout legislation. Here is the text of the Corker auto bailout amendment.
The Corker Amendment requires the following in order to receive bailout financing:
-Reduce unsecured debt by 2/3 (does not include pensions and employee benefit obligations)
-Reduce compensation, including wages and benefits, to the average per person per hour of Nissan, Toyota, and Honda
-Ensure parity of work rules with those of Nissan, Toyota, and Honda
-At least 1/2 of payments to VEBA account must be in the form of stock, not cash
-Suspends continued payments to UAW Jobs Bank recipients

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