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Head of the Fed Ben Bernanke flatly ruled out a government takeover of major banks, such as Citigroup, that would wipe out stockholders. Rhetoric is rather different when talking about banks vs. automakers. When they mention GM and Ford, they say the stockholders deserve nothing because they were asleep at the switch. Automaker bankruptcy has [...]
The automobile industry, hammered by slow sales and tight credit, will pass homebuilding as the most distressed industry in the United States next year. The still-suffering housing industry, the winner for 2008, is seen as falling to third, after autos and the retail sector, according to an early December survey of the213-member Turnaround Management Association. [...]
The Swedish government may provide $3.4 billion in aid to its two automakers, Volvo and Saab (owned by Ford and GM), which employ around 20,000 people within the country. The plan, which must be approved by the parliament, includes loans, loan guarantees, and research funds. No demands were made on the two companies to slash [...]
When numbers are reported on Monday, Chrysler’s October sales will be down 38 percent. That’s the average of predictions from Jesse Toprak of Edmunds.com, Deutsche Bank’s Rod Lache and Brian Johnson of Barclays Capital, industry analysts polled by Bloomberg News. Lache was the most optimistic, calling for a 35 percent drop while Toprak forecast a [...]