Sen. Corker rewriting terms for auto bailout

[babylonsister]

http://www.reuters.com/article/politicsNews/idUSTRE4BA6PQ20081211?sp=true

By Karey Wutkowski

WASHINGTON (Reuters) - Bob Corker, a first-term Republican senator, proposed on Thursday adding tougher conditions to a $14 billion auto bailout to win enough Senate votes to pass a controversial package supported by Democratic leaders and the White House.

snip//

A member of the Senate Banking Committee, Corker asked tough questions of the Detroit chief executives at a hearing last week, chiding them for failing to evolve a dinosaur industry and pushing for Chrysler and GM to reopen merger talks. He also described phone conversations he held with Detroit auto executives, labor union officials and with the board of Chrysler's private equity firm owner, Cerberus Capital Management.

Tennessee, the senator's home state, includes a GM plant, a Nissan Motor Co plant and is getting a plant from Volkswagen, Europe's largest carmaker, Corker said.

Corker, a former mayor of Chattanooga, specifically proposed the following changes to the auto rescue package:

* Immediately provide the federal funds that General Motors and Chrysler have requested to keep them out of bankruptcy, but with "covenants."

* Require that GM and Chrysler reduce their outstanding unsecured debt by at least two-thirds by March 15, 2009, or be forced to file for Chapter 11 bankruptcy on March 15.

* Require that GM and Chrysler force their bondholders to accept an equity swap or debt for debt and equity swap.

* Require the UAW to take action to reduce labor costs only after the UAW sees the bondholders take a haircut.

* Require the UAW to convert half of payments from the UAW-aligned trust fund known as a voluntary employee beneficiary association (VEBA) into equity payments.

* Require that the "all-in" labor costs and work rules of the Detroit Three be immediately brought on par with foreign carmakers such as Nissan, Toyota and Honda.

* Require that any compensation -- outside of customary service pay -- that occurs for workers who have been fired, laid off, furloughed, or idled, be immediately terminated.

(Reporting by Karey Wutkowski, editing by Matthew Lewis)

[rockymountaindem]

1. I guess they think we never need advice from foreigners

except for the times they can use it to bust unions and reduce worker pay.

[TahitiNut]

2. Why does Senator Corker HATE AMERICA?

"Require that the 'all-in' labor costs and work rules of the Detroit Three be immediately brought on par with foreign carmakers such as Nissan, Toyota and Honda."

Since when does Senator Corker represent Japan??

[gravity]

3. This is just stupid

The current bill is actually quite tough on the auto makers to make changes in a short period of time. Any reasonable Republican would be happy with the bill proposed by the Democrats.

The Senate Republicans are just playing politics with the bill. That is there only motivation here.

[spanone]

4. so he wants to tie union busting to the bill, thanks corkscrew

[bluestateguy]

5. I never liked Harold Ford

But he would not be pulling this bullshit had he won that race in 2006.

[Lint Head]

6. I live in Tennessee and Corker is a fat ca neocon.

I was born in South Carolina. Corker was also. I know what kind of bigot he is. Republicans from South Carolina think only white people should have money.

Bio:
Born in Orangeburg, South Carolina,<3> Corker moved to Tennessee at the age of 11. He graduated from Chattanooga High School in 1970. Corker attended the University of Tennessee, Knoxville where he was a member of Sigma Chi Fraternity and graduated in 1974 with a Bachelor of Science degree in Industrial Management. He and his wife Elizabeth, whom he married on May 18, 1987, have two daughters, Julia and Emily. The family's permanent residence is at the Anne Haven mansion built by Coca-Cola Bottling Company heirs Anne Lupton and Frank Harrison.<4>

After working four years as a construction superintendent, he started his own construction company, Bencor, which he sold in 1990. In 1999, he purchased the two largest real estate companies in Chattanooga, Osborne Building Corporation and the Stone Fort Land Company, making him the largest private land owner in Hamilton County, Tennessee. He sold most of these holdings in 2006 to Henry Luken. His business successes have made Corker a multimillionaire.<5> Corker's assets are estimated at ranging from $22.2 million to $105.2 million in 2008.<6>


:dem:

[dysfunctional press]

7. why don't the oil companies float GM/Chrysler the $14 Billion...possibly with federal gaurantees...?

they DO have a bit of a symbiotic relationship, after all...and the combined oilys definitely have the capital.

although bush and cheney are their go-to guys, maybe this is something that barack could negotiate before actually taking office.

[babylonsister]

8. I'm sure with the price of oil they'll be crying poverty any day now.

That thought has been floated on DU and I think it's a perfect solution myself. Which is probably why it will never happen.

[dysfunctional press]

10. between exxon, chevron, and conoco/phillips they had over $71Billion in profit in 2007...

and they were doing GANGBUSTERS for at least the first 3 quarters of 2008...

they've GOT the cash to spare.

[Kolesar]

13. I suspect that the "oil companies" are owned by the Persian Gulf oil producers

Although I have no data supporting that.

[dysfunctional press]

14. exxon chevron and connoco/phillips are american companies.

nt

[GrantDem]

9. It's hard to comprehend why the right has so much hatred for working men & women.

un-American as it gets.

Senator Corker

[unkachuck]

11. "...a first-term Republican senator,"

....and still these fuckin' repugs are dictating and setting the agenda....

[babylonsister]

15. I don't know what the Dems will agree to or have agreed to.

I'm not too confident though.

[Bigmack]

17. That's what I don't understand....

1st term senator from a party headed toward minority status from a not-all-that-pivotal-state suddenly gets to dictate passage of a bill?

I don't get it.

Do the Repubs have naked videos of all the Dems and are threatening to put them on youtube?

If the Dems don't grow a pair soon, their options are gonna be severely limited.

[Stinky The Clown]

12. Tell the good senator to put heavy rubber bands around his pants cuffs ......

..... and piss in his pants until he overflows at the waist.

Wutta fuck.

[tabbycat31]

19. there's an image I don't need

[madrchsod]

16. i wonder what will happen to the saturn plant and it`s workforce

once dumb fuck pushes gm into bankruptcy.......

these guys are really anti-americans.

[TahitiNut]

18. Corker/GOP succeed in torpedoing Big 3 loan package ... UAW refused to be scapegoat

Fuck Corker and his GOP crony capitalist fascists.

[TheKentuckian]

20. Our people are also anti-America for rolling over for these assholes

Tell the Republicans to find their favorite corner in the deepest depth of hell and sit and spin for eternity or get out of a position of public trust.

[amandabeech]

21. Good-bye Big 3.

Hello Depression 2.0.

[moondust]

22. At what point do people cry "Traitors!"?

The RW noise machine would not hesitate to scream it at the top of their lungs 24/7 if Dems were acting on behalf of foreign companies against the best interests of Americans: "Traitors! Traitors!"

[babylonsister]

23. Now would be good. nt