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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