Hoekstra Criticizes Handling Of Bailout

By: Associated Press
By: Associated Press

LANSING -- U.S. Senate candidate Pete Hoekstra supported the federal bailout of two Detroit automakers when he was in Congress.
But he agreed Thursday with former GOP presidential candidate Herman Cain that the federal government was wrong to make bond holders take more of a loss than the United Auto Workers.
Hoekstra said during a campaign appearance in Troy with Cain that the bailout "got all messed up" when the government "started rewriting the rules (to) whatever they wanted."
A trust owned by the UAW but not directly managed by the union got a stake in General Motors Co. in return for taking over the health care costs of blue-collar retirees.
In return, the union was forbidden to strike over wages at Chrysler or GM in the last round of contract talks.

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  • by Rick on Feb 26, 2012 at 07:56 AM
    How sad it is to have a candidate such as Pete Hoekstra run his super bowl ad, and then betray a major auto industry in Michigan. It is evident from the polls that Michigan does not want him as their senator. Let the record show that Obama, Granholm, and Stabenow worked hard to save our State. Where was Peter Hoekstra?
    • reply
      by RT on Feb 28, 2012 at 09:51 AM in reply to Rick
      Right...Michigan and the entire country is SOOOO much better since the liberal/communists like you mentioned in your post(I can't bring myself to dignify them by writing their names)have been in power. I LOVE the unemployment, the unreal deficits, the higher gas prices (don't blame Bush, sorry all you libs--YOUR guy is in office now), and a United States President BOWING to other world officials and apologizing for our country. Makes my proud to be an American and I sleep so much better knowing the community organizer is in my white house.
  • by Bob smith Location: Lansing on Feb 25, 2012 at 06:03 AM
    A, yes they did own stock and lost it all along with all the others. The stock they now own is the new stock in which they don't own enough to make decisions. That stock is to help cover medical of UAw retirees in which if it wasn't there YOU would pay every time they went to the emergency room under welfare.
  • by Sandi on Feb 24, 2012 at 12:39 PM
    Is this guy crazy or just brain dead. The UAW does NOT own the car companies. So why should they have taken a bigger hit than the owners or the bond holders of the companies? The owners and bond holders were the ones who made millions each not the UAW workers. This is a sure reason not to vote for this repubican idiot.
    • reply
      by Anonymous on Feb 24, 2012 at 02:53 PM in reply to Sandi
      but their retirement company does. So the UAW has a vested interest in GM and Chrysler.
      • reply
        by Anonymous on Feb 25, 2012 at 01:03 PM in reply to
        So we throw the retireees under the bus? The people who are trying to get buy and the owners of the companies keep making their millions? Seems right to you? I am 66 and still working and will be for at least 5 more years? I don't get a pension, and think that the business owners are not always good to their employees. But to tax the poor to support them is wrong.
  • by Anonymous on Feb 24, 2012 at 12:33 PM
    He has made more ripples than the gal who is in office and he has yet to get a checkbook.
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