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U.S. lays down terms for auto bailout

Post Time:Mar 30,2009Classify:Industry NewsView:96

The White House on Sunday pushed out the chairman of General Motors and instructed Chrysler to form a partnership with the Italian automaker Fiat within 30 days as conditions for receiving another much-needed round of government aid.

The decision to ask G.M.’s chairman and chief executive, Rick Wagoner, to resign caught Detroit and Washington by surprise, and it underscored the Obama administration’s determination to keep a tight rein on the companies it is bailing out — a level of government involvement in business perhaps not seen since the Great Depression, according to a March 30 article in The New York Times.

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Source: http://www.glassmagazine.com/news-item/auto/us-lays-down-terms-auto-bailoutAuthor:

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