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News Source: Merced Sun-Star
| about 1 year ago
When Chrysler was near death and awaiting a government bailout in 1979, then-CEO Lee Iacocca ordered drastic spending cuts and required all checks above $1,000 to be approved by a senior vice president. Chrysler LLC and General Motors Corp. need to...
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News Source: Channel NewsAsia
| about 1 year ago
General Motors is dropping two of its five corporate jets but has no plans to fly its senior executives commercially despite sharp criticism of living it up while begging for a massive bailout. The decision to take the planes out of service had...
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News Source: Gulfnews.com
| about 1 year ago
Obama's team has already contacted at least one bankruptcy-law firm to say that Daniel Tarullo, a professor at Georgetown University's law school who heads Obama's econ-omic policy working group, would call to discuss the workings of a so-called...
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News Source: The Guardian
| about 1 year ago
The not so big three The future is uncertain for the US automobile industry as its leaders return to Detroit without money or friends in Washington Is there anyone who had a worse week than the CEOs of the big three automakers? Granted, it has been...
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News Source: The Guardian
| about 1 year ago
General Motors employees attend a rally in support of the US automotive industry. Photograph: Michael Ainsworth/AP General Motors , the embattled US carmaker, buffeted by criticism for sending its chief executive on a private jet to plead for...
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News Source: Times Online
| about 1 year ago
The world is teetering on the brink of the worst economic downturn since the 1930s, and America's leading carmakers, like everybody else, are suffering. So much so that their chief executives went to Washington this week to appeal for billions of...
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News Source: Chicago Tribune
| about 1 year ago
Congress committed to a $700 billion bailout for the financial-services industry and has regretted the fits and starts that followed. This time around, Congress wants a plan before it pays out the cash. "Until they show us the plan, we cannot show...
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News Source: The Day
| about 1 year ago
Automotive dealers watching bailout hearings this week said consumer confidence in GM, Ford or Chrysler could plummet if the Detroit 3 have to file for bankruptcy...That's going to kill us.” As the immediate option of a bailout receded, U.S. Sen.
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News Source: Sydney Morning Herald
| about 1 year ago
As the once-mighty General Motors and other US car giants totter, Washington is debating a huge rescue package vehicle makers say they need to survive. Ian Munro reports from New York. Midway through what is remembered as the American Century the...
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News Source: Washington Post
| about 1 year ago
The risk arises in part because so many financial institutions hold bonds issued by the automakers. Moreover, an estimated $290 billion in credit-default swaps, which are contracts that function like insurance policies, have been written on that debt,...