Media advisory - CFIB's Swift blasts possible bailout of auto firms' pensions prior to CAW protest at Queen's Park

    TORONTO, April 22 /CNW/ - Demands by the Canadian Auto Workers (CAW) to
have the Ontario government come up with money to protect pensions affected by
a potential bankruptcy at General Motors Canada or Chrysler has drawn fire
from Catherine Swift, president of the Canadian Federation of Independent
Business (CFIB).
    "For the government to provide even more bailout billions for these
private sector companies' pensions would be setting a terrible precedent,
signaling other companies with pension problems to start lining up seeking
similar treatment," said Swift. She added it is indeed unfortunate that
retired auto workers would suffer from bankruptcy, but at the same time
pointed out it would be unconscionable for beleaguered Canadian taxpayers to
ultimately shoulder the costs of yet another bailout. "Management and the
unions ran these automotive companies into the ground and bear joint
responsibility for the predicament they find themselves in today. Canadian
taxpayers are not responsible for their problems, and should not be on the
hook for solving their pension problems," stated Swift.
    Swift said she is addressing this issue just before CAW's scheduled April
23rd protest at Queen's Park, "because it is high time someone spoke up on
behalf of the country's taxpayers".

For further information:

For further information: Gisele Lumsden at (416) 222-8022

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