Posted Thursday, April 2, 2009
Featured on Episode 26 of the 2008-2009 season
President Obama told two of the Big Three American auto makers - General Motors and Chrysler - that if they want more taxpayer money to keep them operating, they have to intensify their efforts to restructure. On Monday, the President laid out his expectations for the car makers, which include tough restrictions and some good news for auto buyers. GM gets 60 days to prove it can stay afloat. Chrysler gets 30 days to come up with a final plan, and is moving forward on a major element of that plan, agreeing on Tuesday on the framework for a global merger with the Italian car company, Fiat. The administration is not ruling out structured bankruptcy for GM and/or Chrysler as a last resort. Another stipulation coming directly from the White House - GM CEO Rick Wagoner was asked to resign, which he officially did Monday morning.
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