December 8, 2008
GM, Ford, Chrysler, the UAW, and some on Capitol Hill are pleading for (y)our taxpayers’ money to bail out a mismanaged industry. Just a few days ago, the call was for $25 Billon. Now, it’s $38 Billion, and maybe swelling to hundreds of Billions. Where are written contracts between legislators on Capitol Hill and UAW leaders, or Big 3 CEOs?
For this failure, taxpayers and legislators must demand leadership changes with the Big 3 CEOs and/or the UAW leadership. We must compel written agreements to slash bonuses, trim cost of employee earnings of some $141,000 pay and benefits annually, and more. Not just promises!
Big 3 executives say consumers aren’t buying new vehicles. Consumers are not purchasing new cars because of our decaying economy. Big 3 and the UAW management have created this auto economical crisis. Maybe, Big 3 and UAW members should finance this bailout with their own savings and retirement programs, rather than injuring taxpayers.
Through his wisdom, Ronald Reagan once said, ‘Trust, but Verify’. These words should apply today. In lieu of written contracts to verify, US Bankruptcy Court is the practical answer. Our Judiciary can cancel Big 3 bonuses, as well at UAW contracts.
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