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General Motors Corp and Chrysler LLC said they would be open to a merger if the federal government required it as a condition for emergency financing. The statement came as GM Chief Executive Rick Wagoner and Chrysler Chief Executive Bob Nardelli were testifying before the Senate Banking Committee and would appear to revive the chances [...]
Chrysler CEO Robert Nardelli may need to get an early start for his next appearance on Capitol Hill. Following the uproar over the private jets used by all three CEOs of the Detroit automakers when they came to Washington to ask for federal bridge loans, Chrysler spokeswoman Lori McTavish says other travel arrangements are being [...]
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 [...]
The Associated Press reported that leaders of General Motors, Ford, Chrysler, and the UAW requested financial assistance from Congress. Specifically, the companies and union asked for $25 billion in federal loans to fund their contributions to health care trusts created in 2007, and for help in gaining access to the Treasury’s $350 billion bailout fund [...]