Auto Industry Bailout Update: Dec. 1
- GM CEO Rick Wagoner will not fly a private jet to Washington this week to unveil his company’s plan for the bailout loan to Congress.
- The report came before news that GM asked the government to block public tracking of its private jets.
- GM’s board of directors met Sunday to review the restructuring plan headed to Congress.
- As part of its plan, GM may buy out Saturn dealers and move the brand to its jointly branded Buick, GMC and Pontiac dealerships.
- Ford is looking at all options for Volvo, including selling the poorly performing brand. This is according to Ford’s own statement.
- The Wall Street Journal is reporting that the UAW is talking with Detroit automakers about closing remaining job banks as a way to help persuade the government that everyone is making sacrifices.
- Think this is just a U.S. problem? Chrysler and GM are asking for a bailout from the Canadian government, too! The auto industry is Canada’s largest employer. Car sales are up slightly in Canada, but both companies build cars in Canada that are sold in the U.S.
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I for one will be throwing a party when GM finally goes under. Perhaps I'll invite people from the Job Bank to join in.
GM = An American Embarrassment
Toyota = Restoring American Pride