Mar 18, 2013
Kevyn Orr, the new Detroit Emergency Financial Manager, represented Chrysler in the 2009 “quick rinse” bankruptcy. That supposedly qualifies him to rescue Detroit.
Rescue for who? On whose backs?
Old Chrysler bondholders may have taken a “haircut,” but for them it was only numbers in a ledger. It was a one-time loss to be written off on taxes and made up later. No investor has been reported living in poverty as a result!
But Chrysler’s workers and retirees were immediately slammed with permanently lower living standards, guaranteed only to degrade further year by year.
New hires were declared “two-tier” workers. They are paid half pay, they receive minimal health benefits and no pension.
Active workers’ pay ceased to have any protection against inflation.
Retirees’ healthcare insurance fund dwindles further year by year, while retirees’ healthcare costs leap up and up.
The people who told Chrysler workers, “Don’t fight it, just take it,” gave them very bad advice! And now these same people are taking aim at the city of Detroit!