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Taking the lead in pricing up the market are the institutions most battered by the credit crisis and flagging economy. Among the companies offering the highest yields on CDs are GMAC, the financing arm of the carmaker GM; Corus, a Chicago bank that has lost substantial money on construction loans; Wachovia, the Charlotte, N.C., bank whose sale to Wells Fargo was brokered by regulators in October; and the bank affiliate of the insurance company AIG, which the Federal Government started bailing out in September...
...With GM and Chrysler nearly bankrupt, Harley Shaiken, a professor of labor relations at the University of California, Berkeley, says UAW President Ron Gettelfinger wants to do all he can to help the automakers, including changing the contract if necessary. But UAW leadership is also angling for a seat on GM's board of directors, according to a posting on the website of UAW Local 2404. (See pictures of the remains of Detroit...
...restructuring proposal, GM called for the creation of a federal Oversight Board that would not only watch over the taxpayers' money but twist the arms of the company's creditors to get them to reduce their demands - essentially playing the role that a bankruptcy judge would if the company filed for Chapter 11. Almost everybody on Capitol Hill liked the idea, and the other two automakers endorsed it. But GM and Chrysler both say that because of plummeting auto sales they won't have enough cash to pay their bills by the beginning of next month, long before an effective...
This means the really big decisions about the automakers' future will have to wait until Barack Obama takes over in January. But again, GM and Chrysler don't have that much time, so discussion Friday turned to the possibility of a bridge loan to get them through until the end of March. Under questioning from Pennsylvania Democrat Paul Kanjorski, Wagoner said GM needed $10 billion to survive that long, and Nardelli said Chrysler would need $4 billion. Ford could make it that far without any help, Mulally said...
...This bleak outlook could get even worse, at least in the short term, if GM, Ford or Chrysler went bust. That's because of a domino effect that would probably result in the subsequent failures of parts suppliers that also sell to factories operated by Toyota, Honda and Nissan in the U.S. Vehicles built on American soil accounted for 63% of Japan's total U.S. sales in 2007, according to the Japan Automobile Manufacturers Association. A sudden parts shortage could force companies to shut down some of those assembly lines, generating major losses...