Word: autos
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...claims the amount of money it will need for the year at $16.6 billion. That will not guarantee the largest car company in the U.S. will get to break-even. If auto sales in America keep falling, GM may need more capital this year, and it will almost certainly need more again...
...auto makers are going to survive - government bailout or not - there's no leaving out the United Auto Workers. Delicate negotiations on things like retiree health benefits will be necessary as the car companies, unions and the government try to chart a course that will keep the American auto industry afloat. Enter Ron Bloom. President Obama has scrapped his initial plan for a "car czar", but Bloom - who has strong ties to private banking and labor - will reportedly serve in a high-profile advisory role on an automobile task force at the Department of the Treasury. (See the 50 worst...
...known as both a fierce negotiator and a creative problem solver who helped shepherd the steel industry through a painful transition period. His knowledge of the financing, as well as the labor, side of negotiations is thought to be the reason Obama tapped him to be an adviser on auto issues...
Czar or no czar, Obama has a genuine crisis boiling up in Detroit. Without major changes in the structure of the industry, the auto business is going to sink under mountainous waves of red ink. GM and Chrysler were in trouble even before the recession tore the bottom out of sales - and Ford's slightly better financial picture has been clouded by nearly $15 billion in losses last year...
Real change won't come easy. Two major players in restructuring the industry - major bondholders and the United Auto Workers (UAW) - have thus far shown little interest in renegotiating their agreements. Union locals in Michigan and New York have rejected proposals for contract concessions, and UAW chief Ron Gettelfinger has sensed the mood of his membership. He's not buying the claim that union costs are sinking the industry. Other labor leaders are watching Obama's reaction to the UAW to see whether the new President will stick up for his union friends. Meanwhile, business continues to tumble. Forecasters predict...