Word: detroit
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...cutbacks in operations in advance of the holidays. Chrysler announced on Wednesday that it is preparing to shutter all 30 of its manufacturing plants, starting Friday, through Jan. 19. "Part of this was planned already," said Lori McTavish, Chrysler's director of communications. (See pictures of the remains of Detroit...
...pictures of the remains of Detroit...
...massive loan is just the latest move in a long game of high-stakes hot potato involving Detroit, Congress, the White House and the incoming Administration. Obama first asked Bush to do something to save the auto companies in their initial meeting after the Nov. 4 election, but Bush rebuffed him. The problem then went to Capitol Hill, where it spent two weeks getting ground down, spiced up and stuffed into legislative packaging, only to have the whole sausage thrown out when the Senate failed to move the bill before adjourning for the holidays. (See pictures of the remains...
...threat of catastrophic liquidation if someone in Washington didn't cough up some money. Bush's hand was forced. In theory, the job of saving the car companies would have gone to the Commerce Department, but its chief, Carlos Gutierrez, doesn't have access to the kind of money Detroit needs, so Bush gave the job to Treasury Secretary Hank Paulson...
...This action will help to preserve many jobs," said a visibly more relaxed Rik Wagoner as he spoke of Friday morning's announcement of aid for the automakers. It's been a tense week, and not just for Detroit's CEOs. In recent days employees of the Big Three in Detroit have been going about their jobs as a life and death debate waged in Washington. Just this week, executives from General Motors Corp., Chrysler LLC and Ford Motor were offering reporters sneak previews of vehicles due out in 2009 and 2010 despite huge uncertainty surrounding their future...