Tag Archives: Bailout
An Open Letter From Chrysler’s Bob Nardelli
To Chrysler employees and other stakeholders: We have received news that U.S. Treasury Secretary Henry Paulson will provide $4 billion of initial funding to Chrysler LLC from the TARP (Troubled Assets Relief Program) as a loan to help bridge the … Continue reading
Automakers to get $17.4 billion in government aid
WASHINGTON (Reuters) – The government will offer up to $17.4 billion in loans to the ailing U.S. automakers and expects General Motors and Chrysler LLC to access the money immediately, a senior administration official said on Friday. Some $13.4 billion … Continue reading
GM denies holding new merger talks with Chrysler
NEW YORK (Reuters) – General Motors Corp has not reopened merger talks with Chrysler LLC, a GM spokesman said on Thursday, denying a report in The Wall Street Journal that talks had been revived. “We have had no talks with … Continue reading
Auto bailout prospects revived in Senate
Prospects for an auto industry bailout revived in the U.S. Senate on Thursday as surprise negotiations on a compromise moved forward and a vote was possible later in the day. Senate Majority Leader Harry Reid said on the Senate floor that the deal, if struck, “would overwhelmingly pass” the chamber that just hours ago seemed resigned to sending the automakers back to Detroit empty-handed. The scenario at the core of the possible compromise was proposed by Sen. Bob Corker, a Tennessee Republican, who would grant loans under stricter conditions than favored by Democrats and the White House. Continue reading
Bailout plan could soon face House vote
By John Crawley and Thomas Ferraro WASHINGTON (Reuters) – The U.S. House of Representatives could vote as early as Wednesday on a $15 billion plan to bail out and restructure U.S. automakers but the initiative may face Republican roadblocks in … Continue reading
White House sceptical on final Democrats auto bailout plan
By Thomas Ferraro and John Crawley WASHINGTON (Reuters) – The White House and Democrats edged toward agreement on Monday to rescue U.S. automakers by extending emergency loans but their plan leaves key restructuring decisions to the incoming Obama administration. Three … Continue reading
GM says it “disappointed” and “betrayed” consumers
DETROIT (Reuters) – General Motors Corp on Monday unveiled an unusually frank advertisement acknowledging it had “disappointed” and sometimes even “betrayed” American consumers as it lobbies to clinch the federal aid it needs to stay afloat into next month. The … Continue reading
Bush, Democrats seek to finalize auto bailout
By Thomas Ferraro and Donna Smith WASHINGTON (Reuters) – White House and congressional negotiators sought on Sunday to resolve remaining differences over an emergency rescue for the struggling auto industry, a stark symbol of the deepening U.S. economic crisis. Prodded … Continue reading