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Politics : The Obama - Clinton Disaster
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To: DuckTapeSunroof who wrote (66861)3/2/2012 1:27:21 PM
From: TimF1 Recommendation  Read Replies (1) of 103300
 
Debt restructuring is part of the bankruptcy process. Not part of the bailout.

The unions "get" something in a deal, doesn't mean they own it. If the union pension plans get an ownership stake, that's something the unions would favor and want to get in the negotiation over the bankruptcy.

The article you posted recognized that point (considering it justified, but still recognizing it)

"In return for its share, the UAW could not strike over wages at Chrysler or GM in the last round of contract talks, and it gave other concessions too."

But it didn't recognize the point that the the pension plans got a larger ownership stake than they would normally be entitled to under bankruptcy law, and that in more direct terms the unions (while they did have to make some concessions) apparently got a better deal than they would have without the government intervention.
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