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US Senate rejects automaker bailout
GM and Chrysler, two of the US' biggest car makers, could be bankrupt by the time you read this, writes Derek Brower
THE SENATE rejected a $14bn bailout package for the country's three largest motor manufacturers in December, which the White House and the companies described as the best chance to keep them afloat. Global equity markets slumped on the news. GM and Chrysler claimed that without an immediate cash injection, they would face bankruptcy. Ford, which says it is in a marginally better financial position, could also go to the wall: the deal included a line of credit to stabilise its business. But as the crisis on Wall Street spreads even to the cars Americans drive, the last days of President George Bush's administration could end in humiliation for the White House, which had strongly backed the deal. Some officials have proposed instead that the Treasury could bail out the firms, offering a glimmer of hope to Detroit. If the White House cannot broker a deal of that kind on its own, ...Click here to continue reading US Senate rejects automaker bailout
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