|
From the New York Times (November 19, 2008):
"The auto industry’s immediate future may now lie with the Bush administration, which has staunchly opposed using the Treasury Department’s $700 billion financial bailout program to aid Detroit...
Mr. Wagoner testified Wednesday that G.M. had not prepared a contingency plan for a bankruptcy filing if federal aid is not forthcoming. He said G.M.’s advisers had concluded that it could not obtain credit to operate in a bankruptcy, and instead would have to consider liquidating its assets." (italics added)
Honestly, very very scary times.
|