Gettelfinger On UAW/VEBA Ownership Of Chrysler

by Edward Niedermeyer

Published: May 1st, 2009

gettelfinger on uaw veba ownership of chrysler

NPR’s Steve Inskeep: “You have no intent, and, in fact, not even the ability to remain major shareholders of two major auto companies?”

UAW President Ron Gettelfinger: “That’s correct. We do not have the ability because of the need for the cash in the VEBA.”

Inskeep: “Are you optimistic that Chrysler is going to emerge from bankruptcy in a long-term viable form?

Gettelfinger: “First of all, we did everything we possibly could to keep Chrysler from filing for bankruptcy. We did our part, and we’re not responsible for them being in bankruptcy . . . ”

Welcome to the new Chrysler ownership. And unlike Cerberus they’re not even pretending they’re in it for the long haul. But to whom will they sell? Listen to the whole story here.

Edward Niedermeyer

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Rusted Source on May 01, 2009

Dear UAW, We regret to inform you that we've had a change of heart and we've decided to not to purchase any further stake of ownership in Chrysler. We trust that you will find a suitable buyer for your worthless shares so that your organization doesn't also go bankrupt. We hope there's no hard feelings. Yours sincerely, FIAT

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Paris-dakar on May 01, 2009
The only thing Obama could have done to prevent this would have been to commit X Billions every month until Chrysler would regain sales. He didn’t…. Is that certain? Has Obama definitively said that this is it, no more $$$. I don't think it is. I'm expecting that the collection plate will be passed around again in the fall. After all, we wouldn't want the taxpayers to lose on their 'investment'.

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Lw on May 01, 2009

@paris-dakar I was referring to preventing the bankruptcy filing. The only way Obama could have prevented Ch. 11 would have been the commitment to meet ALL of Chryslers obligations every month until they found a way to restore decent cash flow. He choose not to do that... Now the judge is in charge with heavy dose of input from the government since they are funding the bankruptcy.

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Paris-dakar on May 02, 2009
I was referring to preventing the bankruptcy filing. The only way Obama could have prevented Ch. 11 would have been the commitment to meet ALL of Chryslers obligations every month until they found a way to restore decent cash flow. He choose not to do that… Now the judge is in charge with heavy dose of input from the government since they are funding the bankruptcy. In the narrow sense, you're probably correct. I still don't think the taxpayer has seen the last of this mess. Never pay the Dane Geld.

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