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...companies still have an ace in the hole. The Administration cannot take Chrysler and GM (GM) into bankruptcy without the probability that it will severely undermine stimulus plans meant to save or create 3.5 million jobs over the next year-and-a-half to two years...
...GM and Chrysler alone, nearly 200,000 jobs are at risk. If the bankruptcies ripple out to suppliers in the event that a judge voids some of their receivables, another several thousand jobs could be at stake. Then there are several amorphous estimates about people who work in fields related to the car companies. That could be industries as diverse as restaurants in Detroit and airline that fly there. It is probably safe to say that close to a million jobs are in jeopardy if the two car companies lose their independence. (See pictures of Detroit's decline...
...government wants the car companies to believe that it has put a Sword of Damocles over the head of the industry. If GM and Chrysler look up, they will see it is not really there...
...course, many Saturn employees and dealers hope for more than a sales boost. They want a white knight. "I've felt for more than a year that GM could not support the Saturn brand the way it should be supported," says Jay Cimino, a Saturn dealer who operates five Saturn Dealerships around Denver and Colorado Springs. "If we were spun off to the right people, it would be great," he adds...
...could possibly buy or adopt Saturn? Private equity firms are facing big losses, and the painful experience of Cerberus, which bought Chrysler, has not gone unnoticed. But Morrissey insists there are still options: "We think we have some very interesting opportunities for Saturn," he says. GM's critics have argued for years that the company had too many brands and the return on the investment was negligible. However, Saturn did succeed in proving car dealerships could have friendly customer relations and a good reputation for customer service. Because of that, Cimino says, the Saturn dealer network could serve as ready...