Declaring Bankruptcy Canada
profitable sector in the Canadian economy
A study by the Canadian Auto Workers shows that the three car manufacturers Canadian financial success almost every year since 35 years until, little by little and finally got a loss of market share has led the industry to the brink of collapse as recently as the year past. The study, which will be released Monday, finds that the benefits of General Motors of Canada and Chrysler Canada reached 37 billion U.S. dollars between 1972 and 2007. According to the CAW, the study focuses on GM and Chrysler, because they are the two companies face the most pressing financial difficulties and that during the last decade, benefits are estimated on the basis of trends in the industry to scale, since the subsidiaries of Canada ceased to publicly report its financial results late 1990. Prepared by CAW economist at Stanford, Jim, the report concludes that "although the automotive industry is facing a severe financial crisis in the long run has been sector highly profitable and beneficial for the overall economy of Canada. "Auto Workers retirees today are those that produce value added (labor) that supported a strong and consistent profits that car captured through the last decades, "Stanford said in the report's conclusion." It is sadly Ironically, the retirees who worked during the golden age of the automobile industry "must now be the target of a significant reduction in revenues and profits. "Last weekend comments from Ontario, Dalton McGuinty, the province provides funding of pensions can not guarantee, after all, pensions of auto workers in retirement must either Chrysler or GM – or both – declare bankruptcy, have been criticized by the CAW. "Their pensions and benefits health are now seen as a legacy costs, but actually represent deferred compensation contract of work has been performed successfully and has generated huge profits affordable for business and government, paid for by taxes, "the report said. Mr. Stanford stated that the funding of pension rules is insufficient, especially in the case of GM, which have benefited from provincial legislation that allowed the company to contribute at least would otherwise be necessary to maintain funding full pension plan for its employees. "How is that work has been done for companies that have been so successful at the time, was not fully compensated? Asked Mr. Stanford. The study ED, the world car manufacturing has been profitable every year between 1972 and 2007 except for 2002, when manufacturers charges are affected by the economic impact of 9 / 11 attacks and related nonrecurring closing of three assembly plants. Study indicates that for 35 years, manufacturing auto in Canada has generated a cumulative total of $ 102-million in net income after tax.
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