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Friday, December 12, 2008

No Help for Automakers

An article from

No help for automakers
The proposed $14 billion bailout to prevent the collapse of the US auto industry fell flat on its face on Thursday as it failed to raise the 60 votes it needed to pass the Senate after it was approved by Congress and endorsed by both the White House and the president-elect. The future of Detroit's Big Three (General Motors, Ford Motor Co. and Chrysler LLC) looks bleak, as CEOs warn that GM and Chrysler may not make it to the end of the year. The jobs of nearly 3 million Americans employed by the carmakers, their suppliers and distributors are now at stake. Stocks for GM and Ford and Chrysler fell by 4.37% to $3.94, 1.59% to $2.48 and 0.45% to $32.85 respectively by close of market today.

Wow. So what do you think they'll do with the $14 billion, then?

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