To the Point
For GM and Chrysler: an Ultimatum
President Obama says Chrysler and GM have made "good faith efforts" to restructure their companies — but not good enough. They'll get 60 and 30 days respectively to do better or else face bankruptcy. Also, a Spanish court opens a case against former Attorney General Alberto Gonzales.
By Warren Olney • • 1h 0m ListenPresident Obama says Chrysler and GM have made "good faith efforts" to restructure their companies — but not good enough. They'll get 60 and 30 days respectively to do better or else face bankruptcy. Saying their problems are due to failures of leadership, the President gave the companies what he called, "a limited period...to give the American people confidence in their long-term prospects for success." Also, former Attorney General Alberto Gonzales may face charges of violating international law.
Banner image: President Barack Obama (C) unveils details of his plan on dealing with the auto industry crisis. Listening are (L-R) Executive Director of the task force and Chief Economist and Economic Policy Adviser to the Vice President Jared Bernstein, National Economic Council Director Lawrence Summers, White House Budget Office Director Peter Orszag, Secretary of Transportation Ray LaHood, Secretary of the Treasury Timothy Geithner, former Deputy Labor Secretary Edward Montgomery, and Secretary of Commerce Gary Locke. Photo: Alex Wong/Getty Images
