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Industry News: Former Car Czar Says All Stakeholders Should Have Given Up More

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William Maley

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

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I guess you'd prefer to see GM liquidated Loki..... and Chrysler... and probably Ford too. No they wouldn't have been bought by another car company. Fiat couldn't have done the deal they did without the financing. No other car company, not VW, not Toyota, not Honda, not Nissan/Renault, not Benz could have swallowed GM with special financing much less on their own.

I have no qualms with the Government giving GM and Chrysler money when they fell on hard times. Toyota, Honda, and Nissan have been getting government handouts from Japan and local governments in the US for YEARS now.

The payout back to the government in income tax will more than make up for what we've lost on the deal. Incomes that wouldn't be there had GM succumbed and taken Chrysler and Ford with them while severely damaging Toyota and Honda in the process.

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i'm not arguing with you about how understated they are(political reasons-- from above; "which are a political tool"). i'm arguing that the stats are "Nourishing the Mercantilists"(in the first article) which you want instituted when other countries are doing the same thing.

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