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Automakers put forward loan proposals
Calcutta News.Net
Wednesday 3rd December, 2008
Detroit's automakers have put a case for a business bailout could reach US$34 billion.
Pledging to slash jobs, factories and executive pay in return for a federal lifeline, GM and Chrysler have told Congress they need immediate bridging money.
Chrysler has said it will need $7 billion by the end of the year while General Motors has asked for an immediate $4 billion as the first installment of as much as $18 billion to remain viable.
Chrysler told Congress that American families and the country's economic recovery would suffer if the money was not forthcoming.
New sales figures have underscored the seriousness of the situation.
Light vehicle sales at General Motors and Chrysler plunged more than 40 percent in November, while Ford's sales dropped 31 percent.
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Anonymous
12-03-08, 11:48 AM |
Automakers put forward loan proposals
2012 DAN QUAYLE Coalition : American Patriotism, it’s NOT too late to love America, to buy American-made goods. Unlike the good-old-day’s American generations, do this younger generation have their American dream car ?
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