Swedes look to Obama for bailout-style intervention
A Swedish labor union wants President Obama to save Saab, a Swedish-owned car company.
The Local, a Swedish news service, reports that IF Metall has sent the president a letter asking him to force General Motors, which formerly owned Saab, to release the technology licenses that would allow another company to purchase the failing business.
Without the release of the technology licenses owned by GM, the Saab 9-4X and Saab 9-5 cannot be produced, which in turn makes the company far less valuable. According to the news service, GM’s refusal to release Saab’s technology licenses is party responsible for the automaker’s decision to file for bankruptcy last December.
The union also says that the GM bailout left Saab “badly damaged,” and that time has “nearly run out” both for Saab and the workers it employs.
“Our hope is that you will feel that Saab Automobile is worth being saved,” the union said in the letter. “We, more than 4,500 car workers in Sweden, look forward to your answer.”