Word: auto
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...pensions facing funding problems, the federal government may not want to be forced to support current and retired GM workers. Someone will have to pay for the healthcare of the tens of thousands of retired GM employees. Someone will have to pay unemployment for the tens of thousands of auto workers who do not have jobs and have no training to find new ones...
...still make it as a public company because a bankruptcy could be too messy for the Administration's tastes. According to The Wall Street Journal, "Key members of an ad hoc committee representing GM bondholders have begun preparing arguments against the auto maker's bankruptcy plan." The creditors may lose their attempt to get a better deal than being given debt in a company which holds the worst part of the GM asset base, but they can make the process prolonged and painful for the company and the Treasury. (See the 50 worst cars of all time...
...issues of creditors, employment, and the survival of suppliers are not the real problem behind the government's concerns about the ultimate fate of GM. The real concern is that what happens at the auto company sets a precedent for the next bailout of a large American non-financial company. The government has been able to stay away from completely restructuring banks by providing them with enough capital to work their way through piles of bad assets and tight credit. The process is not over. Major US banks may need tens of billions of dollars more in government assistance when...
...company that depends on automotive advertising. But he knew that going in. "I wanted to launch into the dip so that by the time advertising improves, MotorMouths will be sitting pretty," he told me a few days ago. He said he was optimistic, based on recent figures that show auto ads are on the upswing. "If our current growth trends hold and the ad trends hold, MotorMouths could be a $250,000-revenue company within 18 months...
...political agenda, if he has one. Those last two qualities have made him an especially useful figure in Washington, where he's consulted and quoted by Democrats and Republicans alike. "What he says, people listen to," says GOP Senator Bob Corker, who cited Zandi's testimony on the second auto bailout as particularly helpful. Zandi worked as an economic adviser to John McCain during his presidential campaign. His book Financial Shock, published in July 2008, could be seen tucked under the arm of Massachusetts Democrat Barney Frank during the height of the banking meltdown last fall. "He really...