Posted by: arnegrim | September 21, 2010

Obama ‘massages’ the truth about Chrysler/GM

“Obama, defending his administration’s relations with the business community on Monday, said the White House knew the bailout of GM and Chrysler would be unpopular with the public but was crucial to preserving 1 million jobs. He said his administration forced the auto companies to make drastic changes in return for the money, unlike his predecessor.

“Now keep in mind the previous administration had been helping them, giving them billions of dollars, and just asking nothing in return,”Obama said in a CNBC town hall meeting…

…President George W. Bush’s administration, only weeks before leaving office, gave GM and Chrysler $17.4 billion in loans after legislation to speed loans to the companies failed in Congress. The Dec. 19, 2008, terms signed by GM and Chrysler required them to reduce their debt levels, negotiate wage and benefit cuts for auto workers and submit detailed restructuring plans by Feb. 17, 2009, showing a path to “long-term viability, international competitiveness and energy efficiency.”


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