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Automotive Crisis? A Tale Of Four Companies

Breaking news has Congress creating a┬átentative agreement between the US Government and the “Big 3” that allows $15 billion of available loans. An agreement reached between the White House and Congress posed┬áthat the money should come from $25 billion in loans previously approved to help the automakers retool for energy fuel efficient vehicles, rather than drawing the aid from the $700 billion Troubled Asset Relief Fund for struggling financial institutions. Does this mean at some future time the US Government will be asked for yet another $25 billion for the retooling? The Senate and House of Representatives have confirmed they will be meeting on Tuesday to vote on the deal and finalize the appropriation of money. In addition, this is only part of the money that has been asked for. In March, after President Elect Obama takes office, a meeting to determine if additional money will be granted will take place. Read More »