General Motors on Friday told about 1,100 of its dealers -- one in five -- that they would be dropped by late next year, adding to the economic pain radiating from the beleaguered Detroit automakers to cities and towns across the country.
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More auto cuts: GM will eliminate 1,100 US dealers (AP)
Posted by skelllie 482 days ago (http://us.rd.yahoo.com)
GM Bankruptcy Threat Weighs on Futures (Market Update)
Posted by baracc 526 days ago (http://www.smartmoney.com)
News at a GlancePrivate Sector Slammed: ADP report shows record job loss.Bad Omen: Stock futures fall on data, auto concerns.No Deal: M&A industry battered during first quarter.Across the Pond: Obama, Brown call for global bank reform.The LowdownEven as the world's top finance ministers began gathering overseas for the G20 meeting, traders remained focused on the troubled U.S. auto sector and
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Obama puts GM, Chrysler on short leash (AP)
Posted by skelllie 527 days ago (http://us.rd.yahoo.com)
President Barack Obama asserted unprecedented government control over the auto industry Monday, bluntly rejecting turnaround plans by General Motors Corp. and Chrysler LLC, demanding fresh concessions for long-term federal aid and raising the possibility of quick bankruptcy for either ailing auto giant.
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Sources: Obama to give GM 2 months to restructure (AP)
Posted by skelllie 529 days ago (http://us.rd.yahoo.com)
The Obama administration plans to give General Motors Corp. enough government aid to restructure over the next 60 days, while Chrysler LLC will get up to $6 billion and 30 days to complete an alliance with Italian automaker Fiat SpA.
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GM CEO Rick Wagoner to resign
Posted by skelllie 529 days ago (http://rss.cnn.com)
General Motors Chief Executive Rick Wagoner will resign as part of the federal government's plan to bail out the struggling automaker, White House and GM officials told CNN Sunday.
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GM CEO Wagoner to step down at White House request (AP)
Posted by skelllie 529 days ago (http://us.rd.yahoo.com)
General Motors Corp. Chairman and CEO Rick Wagoner will step down immediately at the request of the White House, administration officials said Sunday. The news comes as President Obama prepares to unveil additional restructuring efforts designed to save the domestic auto industry.
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