Bob Corker's 'Screw the Seniors' Plan

Journalists are now figuring out something we've been pointing out for some time: Bob Corker's "plan" to "fix" the auto industry is not so much a plan to fix anything, but a plan to screw retirees.

Retirement health care for as many as three-quarters-of-a-million Americans will be placed at high risk if conditions proposed as part of auto rescue loans are enforced by the incoming Congress and Obama administration, labor experts say.

At issue is a condition of the federal loans that calls for General Motors Corp. and Chrysler LLC to use company stock, or the equivalent, to pay half, or $10.5 billion, of the cash owed to a union retiree health care trust.

Because of my temperamental Toobz connection, I'll let you click through to read the rest.

But note several things that still aren't noted in the story: First, Chrysler has no stock. Which would sort of make the VEBA payment in stock utterly ridiculous, if it weren't already obvious that Bush didn't give Chrysler enough to restructure, he only gave it enough so it'll go out of business on Obama's watch instead of his own (at a cost to you of $4 billion), so I guess when he said "stock," he meant that Chrysler retirees ought to consider themselves lucky if GM is forced to eat Chrysler so GM can give Chrysler $10 billion in GM stock which will be -- by then -- approximately 10 billion shares. 


Understand the importance of honest news ?

So do we.

The past year has been the most arduous of our lives. The Covid-19 pandemic continues to be catastrophic not only to our health - mental and physical - but also to the stability of millions of people. For all of us independent news organizations, it’s no exception.

We’ve covered everything thrown at us this past year and will continue to do so with your support. We’ve always understood the importance of calling out corruption, regardless of political affiliation.

We need your support in this difficult time. Every reader contribution, no matter the amount, makes a difference in allowing our newsroom to bring you the stories that matter, at a time when being informed is more important than ever. Invest with us.

Make a one-time contribution to Alternet All Access, or click here to become a subscriber. Thank you.

Click to donate by check.

DonateDonate by credit card
Donate by Paypal
{{ }}

Don't Sit on the Sidelines of History. Join Alternet All Access and Go Ad-Free. Support Honest Journalism.