Word: carred
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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...
Fortunately, our leaders solved those problems long ago, by boldly appointing czars to clean them up. So naturally, now faced with the near death of the U.S. auto industry, the government's impulse was to crown a car czar. (See the 50 worst cars of all time...
When Congress extended emergency loans to General Motors and Chrysler in December, lawmakers required the companies to deliver detailed plans for getting their houses in order. Management, labor and bondholders would all have to give ground - and the car czar was supposed to be the enforcer...
...Sarkozy is not alone in responding to cries for help from the car sector. The U.K. has set out a $3.4bn rescue package for its beleaguered car industry, even though it is mostly foreign-owned; Spain has stumped up $5.1 billion in public cash to bail-out car firms; and Germany has set aside $1.9 billion to pay owners to junk their old cars and buy something new. At the same time, the U.S. government has handed $17.4 billion to GM and Chrysler, a move that European carmakers say leaves them at a competitive disadvantage. (See pictures...
...pictures of car...