It has been pointed out in various media sources that GM will be required to maintain a percentage of it's production in Canada, most recently confirmed again during the PM's news conference regarding GM:
"Under the deal hammered out with GM's Canadian arm, the automaker must maintain a 19% share of GM's combined Canada-United States production capacity. GM will also commit to invest in a new engine module for its St.Catharines engine factory and spend $2.2-billion through 2016 on capital investments in its Canadian plants. The company is required to invest $1-billion in research and development spending in the country.".
Now the way I read that is under the federal-provincial loans given to GM, the company will have to maintain a set level of production capacity, as well as invest in new tooling and R&D. I think this is a way of stating that there will be jobs in Canada proportional to U.S. manufacturing.
So how does the Toronto star Report it? With This headline:
No employment guarantees in rescue package
From the same article: "There are no employment guarantees in the rescue package, which will see Canadian taxpayers put up to $9.5 billion (U.S.) – or roughly $10.5 billion (Canadian) – in loans to the teetering automaker."
Nowhere does the Star mention the 19% share of capacity, St. Catherines engine plant investment, or $2.2 billion in capital investments. Why is that?
1 comment:
'Why is that?'
To make PMSH wear the bailout.
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