Word: chryslers
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...Billions in loans to GM and Chrysler--dubbed a "direct subsidy" by the World Bank...
USAGE: "What a bankruptcy court might achieve is forcing those who hold GM or Chrysler's debt 'to take a haircut'--that is, get back less of their money than owed." --Austin American-Statesman, March...
Long after we’ve all forgotten what he actually did or did not do for General Motors, America will remember CEO Rick Wagoner for his injudicious use of executive privilege. Wagoner and his colleagues at Ford and Chrysler gained notoriety for flying in three separate private jets to Washington, in order to ask Congress for a multi-billion dollar bailout. Four months later, Wagoner has resigned as a condition of this bailout and been replaced by Fritz Henderson, GM’s current president and chief operating officer...
...timing could not be more ideal. Days after President Obama fired the CEO of General Motors, and instructed GM and Chrysler to fix up fast or drive headlong into bankruptcy, college basketball's annual bonanza, the Final Four, has arrived in the Motor City to provide a much-needed distraction. What's even sweeter: Michigan State University, located just 90 miles west of Detroit in East Lansing, made the national semifinals this year, giving the locals more reason to cheer (unless, of course, they bleed the University of Michigan's maize and blue and wouldn't dare root...
...force than they ever were in the 1980s. From 2005 through mid-2007, PE firms - loaded with cash from pension funds, college endowments and sovereign wealth funds, and able to borrow trillions more from banks and bond investors - went on an unprecedented buying spree, snapping up the likes of Chrysler, Dunkin' Brands, Harrah's, Hertz, and Hospital Corp. of America in hopes of later selling them to the public or to another company or even to another PE fund. (See pictures of the remains of Detroit...