President Obama’s auto industry team is due to makes its first recommendation in the next few days and is likely to advise more cash for Detroit but with some strings attached. They are also expected to announce that they see viable futures for GM and Chrysler but only if management, unions and bond holders make some sacrifices.
I am still a firm believer that a lot of lobbying against letting the automakers slip into bankruptcy protection was done by the unions as it would have eroded their power base and influence. Good to see the unions doing what is best for themselves and not their members..
