Origanalist
06-09-2014, 09:12 PM
Good news: Bailed-out automakers set to bail out Detroit pension funds desperately seeking bailout
POSTED AT 9:41 PM ON JUNE 9, 2014 BY MARY KATHARINE HAM
http://www.freep.com/article/20140609/NEWS01/306090078/DIA-Detroit-bankruptcy-announcement
Saying the fate of the Detroit Institute of Arts and easing pension cuts in Detroit’s bankruptcy are critical to the city’s future, representatives of Detroit’s three automakers today committed $26 million to the grand bargain on which much of the city’s exit from bankruptcy is based.
The donations are about preserving the city’s cultural heritage and helping pensioners facing steep cuts to retirement benefits, but “most importantly this money is intended to help the Motor City get back on its feet again,” said Reid Bigland, an executive for Chrysler, which is donating $6 million to the DIA-pension deal. “This is really about being a contributor and working with those who are also committed to revitalizing this city.”
General Motors and Ford and their charitable arms also are donating $10 million apiece…
http://www.freep.com/article/20140609/NEWS01/306090078/DIA-Detroit-bankruptcy-announcementhotair.com/archives/2014/06/09/good-news-bailed-out-automakers-set-to-bail-out-detroit-pension-funds-desperately-seeking-bailout/
POSTED AT 9:41 PM ON JUNE 9, 2014 BY MARY KATHARINE HAM
http://www.freep.com/article/20140609/NEWS01/306090078/DIA-Detroit-bankruptcy-announcement
Saying the fate of the Detroit Institute of Arts and easing pension cuts in Detroit’s bankruptcy are critical to the city’s future, representatives of Detroit’s three automakers today committed $26 million to the grand bargain on which much of the city’s exit from bankruptcy is based.
The donations are about preserving the city’s cultural heritage and helping pensioners facing steep cuts to retirement benefits, but “most importantly this money is intended to help the Motor City get back on its feet again,” said Reid Bigland, an executive for Chrysler, which is donating $6 million to the DIA-pension deal. “This is really about being a contributor and working with those who are also committed to revitalizing this city.”
General Motors and Ford and their charitable arms also are donating $10 million apiece…
http://www.freep.com/article/20140609/NEWS01/306090078/DIA-Detroit-bankruptcy-announcementhotair.com/archives/2014/06/09/good-news-bailed-out-automakers-set-to-bail-out-detroit-pension-funds-desperately-seeking-bailout/