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The Bush administration has apparently decided, in line with Republican senators, that GM and Chrysler must be forced into bankruptcy as a condition of government loans. In the past, the Republican Party has denounced the use of bankruptcy and successfully worked to make entering bankruptcy more difficult for individuals and small businesses. Bush’s plan, as [...]
Even as automakers were reporting one of the worst sales months in recent years, the CEOs of Chrysler, Ford and GM were making another push for federal help. This time, they were better prepared for the objections and challenges that tripped them up on their last trip. Like his counterparts at from Dearborn and the [...]
Chrysler’s Bob Nardelli, when asked by Senator Jon Tester (Montana Democrat), said he would take a $1 per year salary, similar to Lee Iacocca’s 1979 sacrifice, if needed to get Chrysler’s $7 billion share of a proposed loan package. GM’s Rick Wagoner, who currently takes an eight-digit salary, said he had already cut his salary [...]
According to Detroit News, Senator Majority Leader Harry Reid will shortly introduce a bill to set aside $25 billion of the $700 billion Troubled Asset Recovery Program for automakers. Unlike banks, automakers will have to agree to real limits on executive compensation; in addition, automakers will not be able to use loans to pay dividends, [...]