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With the clock ticking on the hemorrhaging U.S. auto industry, the Bush Administration agreed to come to its rescue by offering a total of $17.4 billion in loans in exchange for concessions from the ailing companies and their workers. A majority of the funds will be offered to General Motors and Chrysler LLC immediately, with another $4 billion to be made available pending what the White House considers a viable recovery plan...
Last week General Motors also announced deep cuts in production. The company will close all of its passenger-car plants for the month of January and reduce the company's production of new cars and trucks 30% during the first quarter. Chrysler and GM have asked the U.S. government for $14 billion in bridge loans to weather the current credit crunch. (See the 50 worst cars of all time...
...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. "We've got to stay focused on what we do," notes Ed Welburn, GM vice president of design, who says his designers have...
...Asked why he would take Blagojevich's case - given that the two-term governor reportedly owes another law firm upwards of $2 million, was denied by the Illinois Attorney General state funds to pay for the impeachment hearings and is facing the prospect of having his campaign fund frozen by the feds - Genson was his usual mischievous self. "I take the cases that are fun," he said. As best-selling author and famed lawyer Scott Turow put it in an e-mail to TIME, "He is a great lawyer who would have been almost as good as a circus ringmaster...
...unfortunate truth is that the longer we stay in Iraq, the more we will be blamed for everything that goes wrong in that country. These problems will not be fixed before we are due to depart in 2011. Or maybe ever by any outsider. The military commander in Iraq, General Ray Odierno, recently said that U.S. forces may have to stay in Iraqi cities beyond the June 2009 agreed pull-out date. I can see Odierno's point: he doesn't want to be the one who leaves behind the mess. But the reality is he will be long retired...