Which Way, L.A.?
An Ultimatum for General Motors and Chrysler
President Obama says General Motors and Chrysler have failed to justify their requests for $17 more billions of federal dollars. Bankruptcy is a real possibility. GM has 60 days to come up with a better plan for reorganization; Chrysler has 30 days to pull together a merger with Fiat of Italy.
By Warren Olney • • 1 min readPresident Obama says General Motors and Chrysler have failed to justify their requests for $17 more billions of federal dollars. Bankruptcy is a real possibility. GM has 60 days to come up with a better plan for reorganization; Chrysler has 30 days to pull together a merger with Fiat of Italy. Even if the companies do go bankrupt, Obama insists that he won't let the auto industry die, saying that Washington will back the warranties on all their new cars. Will today's drastic actions help to restore it or drive it over a cliff?
