Tuesday, November 11, 2008

Pelosi Calls for GM Bailout

Mike Ramsey of Bloomberg.com reports:

"General Motors Corp. fell for a fifth day in New York trading as House Speaker Nancy Pelosi urged Congress to pass an emergency rescue package for the ailing U.S. auto industry.

"Lawmakers should take 'immediate action' before their new session begins in January, Pelosi, a California Democrat, said today in a statement. Analysts said only federal aid can prevent a collapse for GM, and reorganizing in bankruptcy may not be possible because the credit crunch has dried up financing.

"'Strategic bankruptcy is not an option for GM,' said Mark Oline, a credit analyst with Fitch Inc. in Chicago. 'This is an issue of operating or not operating.'"

1 comment:

  1. If American bails out GM and/or Ford we should demand a change in the leadership and management teams. Until someone Disrupts these companies and changes their management approach these companies will not be viable competitors. Read more at http://www.thephoenixprinciple.com


Thanks for commenting. I moderate comments, so it may take a while for your comment to appear. You might enjoy my book about Flint called "Teardown: Memoir of a Vanishing City," a Michigan Notable Book for 2014 and a finalist for the 33rd Annual Northern California Book Award for Creative NonFiction. Filmmaker Michael Moore described Teardown as "a brilliant chronicle of the Mad Maxization of a once-great American city." More information about Teardown is available at www.teardownbook.com.