Sen. Kit Bond tells Automotive News that United Auto Workers will have to sacrifice some of their benefits if they want their companies to receive a federal bailout.
"Management, workers and investors are going to have to make sacrifices if they truly want to turn around their companies enough to earn taxpayer help," Bond told Automotive News last week in an e-mail message.
The article states: "Likely to be targeted by Bond and other Republicans: the Jobs Bank — the UAW equivalent, in the public's mind, of corporate jets . . . Last week Bond did not spell out precisely which concessions he expects from the UAW. But during the congressional debates, many GOP lawmakers singled out the Jobs Bank as a wasteful Detroit 3 practice."
The Jobs Bank requires the Detroit 3 to pay nearly full wages to hourly workers who have been laid off.
Look for The Jobs Bank issue to come up in a Senate hearing this Wednesday