Friday, January 9, 2009

Auto industry bailout has a catch...

... the employees lose their right to strike:
Provisions of General Motors' and Chrysler's US$17.4-billion in federal loans automatically places them in default if union workers go on strike.

A General Motors Corp. filing this week with the U.S. Securities and Exchange Commission detailed the provision as part of its $13.4 billion in federal loans.

From the Winnipeg Free Press. I wonder if the loans will automatically be placed in default if executives are paid bonuses? Somehow I doubt it...

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