Word: gm
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...wooden but plucky CEO of GM, Rick Wagoner, told the press that if his company is allowed to go into Chapter 11, it will end up being a simple liquidation. GM will be torn into pieces and sold off as scrap. He made one good point to support his point of view. If a bankruptcy of the No. 1 U.S. car company drags on for several months, potential auto buyers will purchase vehicles from competitors that they view as being "safe". No one wants to buy a car that won't be serviced. Wagoner has made this point before...
...GM has effectively taken a page out of the AIG playbook for gaming the Administration and Congress. Henry Paulson and his associates were led to believe, perhaps rightly, that if AIG failed it would cost other financial companies so significantly that the government would have to bailout almost every large financial firm in the country. GM's argument is even simpler. A liquidation of the car firm would probably cost tens of thousands of jobs at the company, and many times that at suppliers. That argument is also old, but with the chance of liquidation in the next few months...
...GM has been in the middle of quietly challenging the government's plan to close it down for three months now. The Administration has now sent its car experts to Detroit, and they have said that a bankruptcy of either GM or Chrysler is undesirable. They did not elaborate much on this analysis, but, from the standpoint of the car companies, they do not need to. It is enough that the blue chip analysts sent by the President to evaluate the car companies have a belief system that matches the one in The Motor City. (See pictures of the remains...
...Over the past month, rumors of mass layoffs and plant closures have been swirling in the German media. Union leaders are clamoring for a quick decision on the bailout. But Chancellor Angela Merkel's government wants guarantees that any cash that it doles out will not flow back to GM's embattled operations in the U.S., or go down the drain if GM goes bust. (Read a TIME story on Germany's auto industry...
...deciding whether to trust GM falls to Zu Guttenberg, who took up his new job just four weeks ago. At 37, he's the youngest economy minister in Germany's post-war history and already he's being hailed as one of the country's most popular politicians. With his slicked-back hair, and boyish good looks, Zu Guttenberg exudes the one thing which most German politicians lack: charisma. Unlike his predecessor Michael Glos, a 64 year-old political veteran who shied away from the cameras, Zu Guttenberg has gone on a major media offensive...