Word: bailouts
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When CEO's Bob Nardelli (Chrysler), Alan Mullaly (Ford), and Rick Wagoner (GM) appeared before Congress late last month in search of a bailout, they were basically told, "Get the hell out of here until you have detailed plans to get your industry in order." Well, here they are: Three business plans, numbering between 14 and 37 pages, providing a detailed outline of how each executive plans to turn his company around - and what the Federal government can do to help...
...that the cost of the extra batteries in the Volt will raise its price to around $40,000. Since sales volume will be very small, GM will lose money on every one. Volt will be great for corporate egos but lousy for the bottom line. (See the Top 10 Bailout Measures...
...Harvard Law School professor who heads the congressional panel that oversees the federal bailout said that the government has yet to lay out a sound plan for dealing with the financial crisis. Professor Elizabeth Warren told The New York Times on Tuesday the government’s actions so far have lacked clarity and direction. Warren said she believes that if need be, the government should not shy away from repairing individual families’ financial health. “Household financial health is profoundly tied to the economic health of the nation. You cannot repair this economy...
President-elect Barack Obama's Administration-in-waiting is quietly exploring options for negotiating a bailout of the ailing auto industry when the Democrat takes office in January. While no one is ruling out the possibility that Congress will appropriate money next week, a senior Obama aide told TIME, there is a sense that a comprehensive solution is unlikely to come from whatever legislative action Congress may take before the end of the year...
...amount to an unofficial Chapter 11 reorganization is highly unusual and unwieldy for Congress, especially one that's a lame duck. The Executive Branch is better built to handle such talks, and the incoming Obama Administration is looking at all options: using money from the $700 billion Wall Street bailout, which many Democrats have been unsuccessfully arguing for; taking funds from the Federal Reserve; or tapping emergency money similar to the stabilization fund Treasury used in the 1994 Mexico bailout...