Word: gm
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Dates: during 2000-2009
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...their first day of testimony before Congress, the chief executives of Ford, General Motors and Chrysler were the picture of humility. Hats in hand, they pleaded for money. "We made mistakes, which we're learning from," GM's Rick Wagoner told the Senate Banking Committee, outlining plans for change that Congress had requested as a precondition for receiving billions of dollars in much needed loans. Ford's Alan Mulally said his company has shifted "in a completely new direction." (See the 50 worst cars of all time...
...economy," as Senate Banking Committee Chairman Chris Dodd put it. But that didn't mean there was anything like a consensus on how to handle the urgent request for a total of $34 billion in bridge loans - $7 billion for Chrysler, $9 billion for Ford and $18 billion for GM. Democrats and Republicans clearly still have major disagreements about where the money should come from, how much Detroit should get up-front and what kind of conditions to impose for such government assistance...
...Bush Administration, leery of adding yet another taxpayer bailout to its already shaky legacy, has been unwilling to step in, appoint a car czar and negotiate a solution to the problem. The incoming Obama Administration is expecting such talks to fall to it, but the automakers, especially GM, have warned they cannot wait. "I believe that we could lose General Motors by the end of this month," said Ron Gettelfinger, head of the United Auto Workers (UAW) union, which announced Wednesday that it would be willing to sacrifice job-security provisions and financing for retiree health care to save...
...Dodd that the weakest of the Big Three can survive alone and that $7 billion is all it will need "to avoid, Mr. Chairman, having to come back and again ask you for support." Utah's Bennett broached the idea of Congress writing into any package a proviso forcing GM and Chrysler to merge. UAW chief Gettelfinger questioned the benefits of such a move, saying, "In terms of synergies, it's debatable about how effective it would be." Wagoner said he was open to looking at it. And Nardelli said that even though it would mean he'd lose...
...five top-selling cars in America are not "foreign." Many overseas carmakers build cars in the U.S. Why do these cars offer a better bang for the buck than GM's? The answer is with the United Auto Workers, who receive far higher pay and benefits than non-union workers in comparable jobs. As long as the labor bosses' power remains, Detroit's Big Three are doomed. President Truman stood up to the railroad unions. I hope Barack Obama will stand up to the auto unions. John Bucur, Wellington, Florida...