General Motor's announced closure in Oshawa is bad news, bad news indeed.
Canada gave General Motors $9.5 billion in 2009 when the auto manufacturer filed for bankruptcy. The terms and conditions of that loan expire January 2016. The loan has no terms to protect long term employment after 2016.
As Chris Buckley, CAW Local 222 President says, "at that point, they have no obligation to the Canadian government to maintain any type of employment level".
Not impressive:
http://m.torontosun.com/2012/06/01/gm-reversing-out-of--canada
3 comments:
Sure sounds like the first inclinations of the CPC was right. Government should not be in the business of bailing out any corporation no matter how big. Too bad there was such an uproar among certain other parties in a minority government, something about losing their government funding and, oh yeah demands for bailout cash and "stimulus". Funny that.
Isn't there an agreement under NAFTA where GM has to maintain vehicle production in Canada? They probably asked the Crime Minister and he said.... oh that's okay since you are the wonderful USA Bush country;p
The government should have bailed them out fully cause the workers would still have their jobs. The jobs are what keeps the economy rolling. When people are working people are spending money. But this right winged nazi style government is to anti worker
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