July 27, 2009
By Alex Ortolani and Doron Levin July 27 (Bloomberg) — General Motors Co. and Chrysler Group LLC’s boards will operate without restrictions by the U.S. government, Ron Bloom , head of the federal auto task force, said in a hearing. Directors won’t have to “check†before making decisions, Bloom, who took over from Steven Rattner two weeks ago, told a congressionally appointed panel in Detroit today.
Read the full article →
July 25, 2009
The recent forced closing of thousands of new-car dealerships across America, most of them General Motors and Chrysler stores, has prompted strong protest from Washington. Congress claims that some 170,000 people will eventually be unemployed by the closings. Apart from these huge numbers of people — real people — added to the unemployment rolls throughout the country, car dealers are often the largest single source of tax revenue for local, county and even state governments. In California, for instance, which only today came up with a budget, some seven months late, to address a $27 billion deficit by taking money from local coffers, the loss of dealerships will be devastating for local governments
Read the full article →
