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White House Opens TARP to Auto Industry after Congress Fails to Approve Loans
The Bush administration Friday dropped its opposition to using the $700 billion bank bailout fund to provide financing for U.S. automakers after the Senate balked at approving $14 billion emergency loans.
“Because Congress failed to act, we will stand ready to prevent an imminent failure until Congress reconvenes and acts to address the long-term viability of the industry,” Treasury spokeswoman Brookly McLaughlin said in a statement.
No specific announcement of a bailout was made, as there is still time before General Motors Corp. (GM) and Chrysler LLC – the companies in most at risk of foreclosure – run out of cash. However, the…
15Dec2008 | Money Morning | 0 comments | ContinuedGM, Ford, and Chrysler Chiefs Push for Action in Washington as Congress Debates Another Bailout
Executives from Detroit’s “Big Three” auto companies – General Motors Corp. (GM), Ford Motor Co. (F), and Chrysler LLC – yesterday (Tuesday) joined Congressional Democrats on Capitol Hill to make the case for an industry-wide bailout that could spare their troubled companies from totally collapsing. Detroit’s bigwigs have been met with considerable resistance so far, but will continue to make their case today and into the New Year.
Ford, GM and Chrysler are all in danger of folding into bankruptcy after a complete lack of innovation and outmoded business models combined with the current financial crisis and a lack of credit to…
20Nov2008 | Money Morning | Comments Off | Continued
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