The senate didn’t pass the bailout legislation yesterday citing unwillingness of the UAW to take pay cuts to bring them inline with the Japanese automakers pay.  Nardelli sent a letter to his employees, here is what it said: Dear Employees: We are all obviously disappointed in what transpired in the Senate last night. While a [...]

The Bush administration dropped its opposition to using the $700 billion bank bailout fund to provide financing for U.S. automakers after the Senate yesterday failed to approve emergency loans. The administration’s willingness to give short-term help to General Motors Corp. and Chrysler LLC eased the concern of at least some investors that the companies will [...]

The senate passed a bill that will likely total over $600 billion in spending measures on tuesday. Of that $25 billion is for backed loans to the auto industry.  The house of representatives will likely vote on the bill today. The inclusion of the low-interest loan guarantees is a victory for struggling U.S. manufacturers General [...]

The senate passed a bill that will likely total over $600 billion in spending measures on tuesday.  Of that $25 billion is for backed loans to the auto industry.  The inclusion of the low-interest loan guarantees is a victory for struggling U.S. manufacturers General Motors Corp, Ford Motor Co, and Chrysler LLC, which is controlled [...]