REPORT: If Chrysler liquidates, 38,500 jobs would be lost
A court filing by the legal firm Jones Day estimates that 38,500 Chrysler workers will lose their jobs if the bankrupt automaker fails to quickly form an alliance with Fiat SpA and is forced to liquidate. In addition, if the deal with Fiat is rejected Chrysler LLC employees will lose $9.8 billion in benefits and $2 billion in pension payments, according to the legal team.
"Time is of the essence," said attorney Corinne Ball. The lawyers, in court seeking to organize the company's 25 affiliates into a one bankruptcy proceeding, stressed in yesterday's so-called first-day pleadings that if Chrysler dissolves, "it will mean the end of an iconic, 83-year-old American car company."
[Source: Bloomberg | Image Source: Bill Pugliano/Getty]
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Reader Comments (Page 1 of 3)
alexlakeman 2:05PM (5/01/2009)
By the picture it only looks like a bunch of blue collar workers.. whatever.... they should've gone to college.
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Ken 2:12PM (5/01/2009)
I take it you're currently enrolled in your community college and think you have everything figured out? The simple fact is college isn't for everyone for different reasons and our economy needs labor at all levels to remain competitive. This loss of jobs is also a loss of tax revenue and a potential increased drain on our unemployment and welfare system. I don't like paying for other people to live and a great way to prevent that from happening is to help ensure people at all education and skill levels have continued employment.
paul34 2:14PM (5/01/2009)
Is this a serious comment? I really hope, for your own sake, that you're kidding.
aj121489 2:16PM (5/01/2009)
Dude that was just a douchebag statement
Andre 2:24PM (5/01/2009)
You sir are one Ignorant Idiot, who you think keep this country afloat doing back breaking labor so the average and college graduated joes can live a civilized life?
Farmers, Garbage men,the people who have to slaughter animals so that all you see are the nice little packages at the local market and various other industries that a lot of people called undignified or nasty. Guess what someone has to do it, if not then we as a whole would not be living the life we live now period..
BrianFL 2:25PM (5/01/2009)
Hey guess what?! I make $60k a year without going to college! I bet that just burns you up huh. I earn my every penny, health benefit, and 3 weeks vacation every year. Just because I didn't go to college doesn't make anybody any better than me. Oh and I wouldn't work on an essembly line for $80k a year. That work blows and I have alot of respect for people who can do that type of work.
If you have college and make less than what I make no one is stopping you from doing hard labor to make money!
david 2:35PM (5/01/2009)
Typical college elitism, I saw it every day I was there. Whether it be the profs or the students, there are a fair amount of them that assume that text book knowledge makes them a superior being to the rest of those 'fly over' states.
Good luck with life, you'll need it with an attitude like that, jerk ass.
asuka 2:34PM (5/01/2009)
"I make $60k a year without going to college"
Not for long...
andy 2:36PM (5/01/2009)
I went to college, graduated in four years and have a mediocre job. The most sucessful person I know never went to college and owns a lucrative business at the age of 26. Don't get me wrong, college is great, but it's not always required.
Nightcrawler 2:41PM (5/01/2009)
Maybe I'm reading it wrong, but I took the original comment as sarcasm.
Tikki 3:13PM (5/01/2009)
great so we all go to college and still we all end up with no jobs, great mentality. Heck or we all go to college only to work at the same plant for less money, even better. Could you toss in a usless college loan too please. Ken has a great response. A diverse workforce is needed to stay competitive.
s13hybrid 3:34PM (5/01/2009)
@Ken, although I agree with what you said, please do not lump the "community college insult" in there. When you sling another belittling insult in your argument, you look just as stupid as the original poster.
asuka 3:49PM (5/01/2009)
The reason college degrees no longer guarantee success is because we
have diluted the quality of education. The "I'm ok, you're ok"
movement has convinced everyone that anyone can and should go to
college. The truth is though, most do not possess the intellect
necessary for advanced higher reasoning. That reality, however,
hurts people's feelings, so we've simply made colleges easier. The
result is a dumbed-down university education that has turned most
colleges (save for the most elite schools) into nothing more than the
13th grade where those of mediocre intellect are instructed in what
they should have been taught in secondary school (basic arithmetic,
simple composition, etc.).
Of course, none of this excuses anyone from being proud to be ignorant, which is what a lot of these comments seem to be about.
guerro 6:12PM (5/01/2009)
"..., who you think keep this country afloat doing back breaking labor so the average and college graduated joes can live a civilized life?"
Illegal Mexicans ??
alexlakeman 8:41PM (5/01/2009)
Guys, you are not getting it... Why should we care if the guys in the pic look like they do not care... one is laughing at the camera, the other one is smoking, another is just walking and probably thinking of how to spend his food stamps.... If they don't care why should we?
Those are the guys the gov is trying to help with this mortgage help, etc?
I guess I was wrong.. we do need these blue color workers... who's going to clean my pool, rake my yard, and wash my cars in the weekends..
D 10:49AM (5/04/2009)
Correct me if I'm wrong, but aren't college educated folks the same folks who let Chrysler go bankrupt? Doesn't matter if you're college educated or not, upper management and CEO's have a responsibility to their workers - yet they seem to forget this as they make decisions to collect their fat bonuses. To be fair, this isn't just a Chrysler problem...
why not the LS2LS7? 2:07PM (5/01/2009)
You know, that's not as bad as I thought.
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The Other Bob 2:15PM (5/01/2009)
I think they are only including direct jobs, not dealers, suppliers and indirect jobs.
BoxerFanatic 2:11PM (5/01/2009)
Who is talking about them liquidating?
Chapter 11 bankruptcy is not liquidation. They aren't any more likely to liquidate today than they were last week, maybe even less likely if they can shed some of the dead weight they are under.
If they DO liquidate, there will be something to grow up in it's place, unless the government gets so onerous that it prevents entrepreneurship, which is unfortunately more realistic than I would like.
Americans need and love cars. But the business has gotten too ponderous and mummified in red tape and costs.
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elprogramer 2:16PM (5/01/2009)
Where do you think they are? Chrysler has to improve their fortune or die, the gun is against their head.