Editor/Reporter - CheersandGears.com
December 17, 2011
Steven Rattner, the former car czar that oversaw the federal bailouts of General Motors and Chrysler, said on Thursday to the Detroit Economic Club that the Obama administration's Auto Task Force should have forced all the stakeholders, including the United Auto Workers, to make more sacrifices.
"We asked all the stakeholders to make very significant sacrifices. We should have asked the UAW to do a bit more. We did not ask any UAW member to take a cut in their pay," he told the club.
Rattner also revealed that the US Government gave GM too much money, but on the side of caution.
"We put more cash into GM than we probably needed to — and we knew this. It's part of why GM is so well-capitalized today."
Source: Detroit News