Obama praises Bush for auto loan, says automakers must end bad management practices
Posted by admin on Dec 20, 2008
President-elect (you won’t be hearing that much longer) praised the Bush Administration to provide $17.4 billion in loans to bail out General Motors and Chrysler. However, he said there is still more work to do and that automakers must end “bad management practices.”
“With the short-term assistance provided by this package, the auto companies must bring all their stakeholders together — including labor, dealers, creditors and suppliers — to make the hard choices necessary to achieve long-term viability,” Obama said in a statement.
Under the term of the deal GM and Chrysler will have access to $4 billion on Dec. 29.
The plan calls for significant progress by March 31 or be required to return the loans.
Tags: chevy, Chrysler, Dodge, Ford, GM, Obama praises Bush for auto loan, says automakers must end bad management practices
Auto Bailout Plan
Posted by admin on Dec 6, 2008
GM, Ford and Chrysler employ about 250,000 people in the US and say that they support a further four million jobs. CNN says it’s not just about Detroit. The auto industry employs workers in every state - including Alaska and Hawaii. More than 2 million jobs - from manufacturing, to parts, to auto dealers - depend on car makers for their pay.
Tags: Auto Bailout Plan, Chrysler, Ford, GM