Monday Morning Auto Bailout Update
It’s that time again: A new news cycle, and plenty of tidbits on the possible bailout of the Detroit Three automakers. Chances are still slim the government will act before the new year, but that’s not stopping the media from covering nearly every angle of the story.
- GM to shed two of the five private jets it leases. Says it needs the fleet for security purposes and to travel to locations not easily accessible by commercial airlines.
- Citigroup gets another $20 billion on top of $25 billion previously lent in bailouts from the federal government. Before shedding 53,000 jobs last week, many analysts said the company was a bit bloated. Sounds like three Detroit companies we know.
- Consumers at the L.A. auto show are happily sitting in the new cars on display; they just don’t plan on buying one anytime soon.
- The Detroit Three spent $21.6 million lobbying Congress so far this year. After watching their three CEOs helplessly petition for aid, that was not money well spent. No wonder the public thinks they don’t know what they’re doing.
- Everybody’s favorite sentimental author – and Detroit native – Mitch Albom pens his Detroit Three fantasy pitch to Congress. It’s very good.
- Bill Ford, Jr., met with President-elect Barack Obama back in August, well before the election, to explain Ford’s green agenda for the future. A future of a leaner and greener auto industry.
- GM can save the world? No not General Motors, genetic modification. Darn Google News search.
- Saturday Night Live takes a shot at the Detroit Three CEOs.
- How much do UAW autoworkers make? Not $70 an hour.
