Bush: Employees of American Companies Must Get Paid Less than Employees of Foreign Companies!

[kpete]

President Bush: Employees of American Companies Must Get Paid Less than Employees of Foreign Companies!
By: emptywheel Friday December 19, 2008 6:40 am

The President of the United States just dictated that American corporations pay their employees significantly less than the employees of foreign owned manufacturers. And/or, he dictated that American corporations pick the pocket of their senior retirees.

That's the take-away of the bailout plan, which is basically the Bob Corker plan dressed up, through sleight of hand, as a majority-supported legislation. As Bush notes, some of this bailout was supported by a majority of the House, at least.

Binding Terms and Conditions: The binding terms and conditions established by the Treasury will mirror those that were voted favorably by a majority of both Houses of Congress, including:

* Firms must provide warrants for non-voting stock.
* Firms must accept limits on executive compensation and eliminate perks such as corporate jets.
* Debt owed to the government would be senior to other debts, to the extent permitted by law.
* Firms must allow the government to examine their books and records.
* Firms must report and the government has the power to block any large transactions (> $100 M).
* Firms must comply with applicable Federal fuel efficiency and emissions requirements.
* Firms must not issue new dividends while they owe government debt.

Yet then Bush throws in the demands that Republicans made--without noting that this was basically an ideological ploy to break the union, all the while demanding that employees of American-owned companies make significantly less than the employees of Japanese-owned companies.

Targets: The terms and conditions established by Treasury will include additional targets that were the subject of Congressional negotiations but did not come to a vote, including:

* Reduce debts by 2/3 via a debt for equity exchange.
* Make one-half of VEBA payments in the form of stock.
* Eliminate the jobs bank. Work rules that are competitive with transplant auto manufacturers by 12/31/09.
* Wages that are competitive with those of transplant auto manufacturers by 12/31/09.

These terms and conditions would be non-binding in the sense that negotiations can deviate from the quantitative targets above, providing that the firm reports the reasons for these deviations and makes the business case to achieve long-term viability in spite of the deviations.

In addition, the firm will be required to conclude new agreements with its other major stakeholders, including dealers and suppliers, by March 31, 2009.

more at:
http://emptywheel.firedoglake.com/2008/12/19/president-bush-employees-of-american-companies-must-get-paid-less-than-employees-of-foreign-companies/
http://www.cbsnews.com/blogs/2008/12/19/politics/politicalhotsheet/entry4676975.shtml

[Phred42]

1. He REALLY wants to WIN the race to the bottom

:mad:

[billyoc]

2. None of that will survive Obama's first 100 days.

Bush is blowing sunshine up his base's ass again.

[ellenfl]

7. my thoughts too. actually, i think the

wages reduction by ye 2009 is what the unions wanted as opposed to immediately. but i think they have a better chance with obama . . . and everyone knows it. at least the ceos golden parachutes are gone. of course, at the last minute, bush put that back into the financial sector bailout so we will see how long that lasts.

ellen fl

[MikeNearMcChord]

3. I can't mention his name without swearing!

I will put out the teeth or dot the eye of anyone whoever praises this c-------er in my presence.

[MadHound]

If I were the Big 3, I would just point and laugh at Bush

They got their bridge loan to help them make to an Obama administration will, hopefully, provide them with real help. All the rest is bluster and bullshit on the part of Bush, a supremely impotent president at this point.

[safeinOhio]

4. Wage and price controls

minus the price controls. Republican free marketers?

[bdamomma]

5. he will never be on side of the people NEVER

[closeupready]

6. No, That's correct.

n/t

[happylib]

8. these fuckers bitched the entire campaign

about raising taxes on people making over $250k a year. As if the 50 million republican voters all make that much. Now they target anyone making $70k a year and say they are making too much.

What a bunch of fucking hypocrites. Globalist piece of shit republicans, how about we say no CEO in the US can make more than a CEO in Japan or Germany. Im proud to say I don't have 1 friend who is a repub. I told them all to go fuck themself right before I voted for Obama. I will never have a repub or neocon as a friend nor will I ever help one out when they are down in life, fuck them all.

[Phred42]

9. Notice he's Talking about ALL AMERICAN Corporate Workers here

in the initial statement.

Share THIS with your republican conservative kool-aid drinking friends.

Ask them what they think about competing with and working for less than workers in India and China.
Ask them how they feel about THEIR children and grand children competing on this scale.