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News Source: Times Online
| about 1 year ago
Wall Street has braced itself for the likelihood that Washington will not approve an emergency $25 billion (£16.7 billion) bridging loan to bail out America’s car industry in time to avert the bankruptcy of at least one big manufacturer.
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News Source: International Herald Tribune
| about 1 year ago
Earlier, the chief executives of the three Detroit automakers — Robert Nardelli of Chrysler, Alan Mulally of Ford and Rick Wagoner of Chevrolet — were back on Capitol Hill, appealing this time to the House of Representatives to approve $25...
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News Source: CNN
| about 1 year ago
Some lawmakers lashed out at the CEOs of the Big Three auto companies Wednesday for flying private jets to Washington to request taxpayer bailout money. "There is a delicious irony in seeing private luxury jets flying into Washington, D.C., and...
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News Source: Fox News
| about 1 year ago
A Gulfstream luxury jet sits on an airport tarmac. The CEOs of the Big Three automakers reportedly flew private luxury jets to Washington to plead for a $25 billion taxpayer bailout to save their debt-ridden industry — ringing up tens of thousands...
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News Source: International Business Times
| about 1 year ago
Shares of GM dropped more than 15 percent to a 66-year low, while Ford shares fell 23 percent to their lowest level in 26 years. F) and Robert Nardelli of Chrysler continued their two-day tour of Washington, this time lobbying for a bailout in front...
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News Source: Asian Wall Street Journal
| about 1 year ago
Both GM and Ford are on a pace to use up $2 billion each a month, based on their third-quarter earnings. Not getting funding immediately threatens GM most directly because the firm is operating close to its minimal funding requirements. The supply...
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News Source: The Star Press
| about 1 year ago
The top Senate Democrat sought Wednesday to lower expectations for legislation this week to help endangered carmakers, saying it would be the Bush administrations job to save the industry if Congress doesnt. No one should be overly concerned,...
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News Source: Turks and Caicos Free Press
| about 1 year ago
Auto executives headed to Capitol Hill for a second day to argue their case for a $25 billion aid package in the face of mounting political opposition to another huge government bailout . The Wednesday hearings are slated to start at about 10 a.m.
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News Source: CNN
| about 1 year ago
Auto industry executives were back on Capitol Hill Wednesday morning to ask for a federal bailout but they once again faced an uphill battle in winning the necessary support from Congress. Before the CEOs of General Motors ( GM , Fortune 500 ), Ford...
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News Source: The Courier-Mail
| about 1 year ago
GM chief executive Rick Wagoner told politicians the SOS was more than rescuing the car capital of Detroit and was "about saving the US economy from a catastrophic collapse". He said the industry represented the real economy and desperately needed a...