UAW President’s statement on Ally Financial TARP final sale
On Friday, U.S. Treasury Secretary Jacob Lew announced the final sale of Troubled Assets Relief Program (TARP) stock involved in the rejuvenation of the U.S. auto industry.
In all, the unprecedented work of the UAW, the auto companies and the U.S. government yielded $15.35 billion in profit. It also saved 1.5 million jobs and preserved $105.3 billion in personal and social insurance tax collections, according to a 2013 study by the Center for Automotive Research.
The following statement by UAW President Dennis Williams can be used in whole or in part:
“Together, the members of the UAW, government officials of all parties led by the Obama White House, and the auto companies have shown how cooperation and shared sacrifice could take an industry from its darkest day to the economic bright spot of the international economy.
The White House announcement Friday demonstrates that through shared sacrifice members and consumers can benefit and it is our hope that both members and consumers can continue to reap the significant benefits of a prosperous industry that drives our economy.”
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