Update: 11-6-08 Pelosi, Congress consider more money for U.S. automakers
$25 Billion more
House leader Nancy Pelosi may have given the beleaguered U.S. auto industry it's biggest and best hope yet after the leading Congressional Democrat told NPR that Congress is considering more loan money for the ailing industry.
Government help for the U.S. auto industry likely won't get resistance from President Elect Barak Obama, as the new Pres has stated publicly in the past that he wants to help get Detroit automakers back on their feet.
The Detroit News is reporting that further details of these new potential loans may be available as soon as Friday, as Congressional leaders plan to put out a statement. That's the same day third quarter financial results are due to come from Ford and GM, and those numbers aren't likely to be good at all.
Update:10-31 Treasury says no to GM asking for $10 billion of taxpayer money to buy Chrysler
Update 10-28-08 GM asks for $10 billion of taxpayer money to buy Chrysler
GM worth less than 1929
10-10-08 Breaking News - GM and Chysler may merge
No surpise here, both giants bleeding bad
No link yet
I'll post as soon as I find it.
Edit: Link added
10-10-2008 G.M. and Chrysler Explore Merger
General Motors is in preliminary talks about a possible merger with Chrysler, a deal that could drastically remake the landscape of the auto industry by reducing the Big Three of Detroit automakers to the Big Two, The New York Times?s Bill Vlasic and Andrew Ross Sorkin reported late Friday.
The talks between G.M. and Cerberus Capital Management, the private equity firm that owns Chrysler, began more than a month ago, and the negotiations are not certain to produce a deal. Two people close to the process said the chances of a merger were ?50-50? as of Friday and would most likely still take weeks to work out.
A merger would be a historic event, with two of the most iconic names in American industry coming together to survive in an increasingly difficult environment.
Speculation about a possible bankruptcy filing by G.M. has mounted in recent weeks because of the automaker?s dwindling cash reserves.
General Motors? stock has fallen from more from more than $42 a share last year to less than $5, and it is burning through its cash hoard at a rapid rate.
Chrysler, as a private company, no longer needs to report its finances.
$25 Billion more
House leader Nancy Pelosi may have given the beleaguered U.S. auto industry it's biggest and best hope yet after the leading Congressional Democrat told NPR that Congress is considering more loan money for the ailing industry.
Government help for the U.S. auto industry likely won't get resistance from President Elect Barak Obama, as the new Pres has stated publicly in the past that he wants to help get Detroit automakers back on their feet.
The Detroit News is reporting that further details of these new potential loans may be available as soon as Friday, as Congressional leaders plan to put out a statement. That's the same day third quarter financial results are due to come from Ford and GM, and those numbers aren't likely to be good at all.
Update:10-31 Treasury says no to GM asking for $10 billion of taxpayer money to buy Chrysler
Update 10-28-08 GM asks for $10 billion of taxpayer money to buy Chrysler
GM worth less than 1929
10-10-08 Breaking News - GM and Chysler may merge
No surpise here, both giants bleeding bad
No link yet
I'll post as soon as I find it.
Edit: Link added
10-10-2008 G.M. and Chrysler Explore Merger
General Motors is in preliminary talks about a possible merger with Chrysler, a deal that could drastically remake the landscape of the auto industry by reducing the Big Three of Detroit automakers to the Big Two, The New York Times?s Bill Vlasic and Andrew Ross Sorkin reported late Friday.
The talks between G.M. and Cerberus Capital Management, the private equity firm that owns Chrysler, began more than a month ago, and the negotiations are not certain to produce a deal. Two people close to the process said the chances of a merger were ?50-50? as of Friday and would most likely still take weeks to work out.
A merger would be a historic event, with two of the most iconic names in American industry coming together to survive in an increasingly difficult environment.
Speculation about a possible bankruptcy filing by G.M. has mounted in recent weeks because of the automaker?s dwindling cash reserves.
General Motors? stock has fallen from more from more than $42 a share last year to less than $5, and it is burning through its cash hoard at a rapid rate.
Chrysler, as a private company, no longer needs to report its finances.
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