Word: ceo
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...swap, making bankruptcy all but inevitable. For purist capitalists, the lasting significance of GM's pending Chapter 11 (and Chrysler's bankruptcy, filed a month ago) is the overwhelming intrusion into the private sector by Barack Obama and his auto task force at Treasury. "The day they fired the CEO of General Motors" - Rick Wagoner was dismissed by task-force co-chairman Steve Rattner in late March - "is a day we will look back on with great regret," predicts Corker, a reluctant and critical supporter of the bailout. "The government has no business making those kinds of decisions." Critics...
...touch. Task-force officials believe that the only alternative to a government cleanup, financed with public money and rammed through by government muscle, was the chaos of liquidation, which would have triggered a cascade of business failures and rocketed the unemployment rate above 10%. (Watch an interview with Ford CEO Alan Mulally...
...Make that nearly fruitless. Marchionne, CEO of Italy's Fiat, had sniffed an opportunity lurking by the Chrysler deathbed. Chased from the American market a generation ago by its comic reputation for poor quality, Fiat seemed an unlikely rescuer. But Marchionne entered the picture as the It boy of the auto world, having slashed costs, retooled management and refreshed styling to boost sales of the firm's cute little cars. He wanted back into the U.S., provided it didn't cost him anything. (Watch TIME's video about an optimistic Dodge dealer...
...Italian carmaker Fiat also remains a contender. Fiat CEO Sergio Marchionne has been jetting between the U.S. and Europe for weeks, meeting on both sides of the Atlantic with key politicians, unions and investors. Fiat recently acquired Chrysler and now wants to merge GM's European business into the Fiat-Chrysler group to create one of the biggest carmakers in the world. His plans to close plants in Germany and Italy have been roundly condemned by powerful German governors and the IG Metall trade union. A Chinese carmaker, Beijing Automotive Industry Corp., is expected to detail its own plan...
...matters, new companies are looking to muscle their way onto the tracks. Italian start-up Nuovo Trasporto Viaggiatori (NTV) is set to launch Europe's first privately operated high-speed service in Italy in 2011, in competition with Italy's former rail monopoly Trenitalia. Headed by Fiat and Ferrari CEO Luca Cordero di Montezemolo, NTV plans to establish a broad network of high-speed Italian services that dovetail with French routes run by SNCF, which owns...