Obama’s Auto Industry Speech

BNO has posted the prepared remarks of President Obama’s speech here. Video and reactions will be posted here as soon as they are available. Downloads of the White House’s viability statements on GM and Chrysler under the cut.

CNN: Obama announces plans for GM, Chrysler.

MSNBC: Obama unveils new plan for autos industry.

  • “GM will get 60 days worth of financing to restructure, while Chrysler is getting up to $6 billion and 30 days to complete a deal with Italian automaker Fiat.”
  • “The Obama administration also replaced GM CEO Rick Wagoner with the company’s chief operating officer, Fritz Henderson.”

BBC News: Obama gives car firms deadlines.

  • “He said the car firms had run into trouble because of a “failure of leadership – from Washington to Detroit.”

MSNBC: Car problems slam Wall Street.

  • As of 11:30pm EDT, the stock market is down almost 300 points and GM is trading at less than $3.
  • “Crude oil fell $2.13 to $50.25 a barrel on the New York Mercantile Exchange.”

BNO: Links to the Whites House’s viability assessments:

MSNBC’s Chuck Todd: “You are hearing nothing from Republicans.”

BNO: Obama Administration’s New Warrantee Commitment Program.

  • “The warranty program will cover all warranties on new vehicles purchased from participating auto manufacturers during the period in which those manufacturers are restructuring. Both General Motors and Chrysler have agreed to participate in the program.”

12:16pm EDT: BNO reports: “BULLETIN — CHRYSLER, FIAT AND CERBERUS REACH AGREEMENT ON GLOBAL ALLIANCE.”

In related stories, Sky News reports that U.K. government ministers will have their pay frozen although MPs’ salaries will rise by 2.33%. The AJC says the Home Depot CEO has declined a $1.2 million bonus.

MarketWatch: Chrysler, Cerberus reach alliance deal with Italy’s Fiat.

12:46pm EDT: BNO reports:BULLETIN — CANADIAN GOVERNMENT TO PROVIDE CHRYSLER AND GENERAL MOTORS UP TO $4 BILLION IN INTERIM LOANS.”

Video: Obama’s Auto Industry Speech (2 parts):

Video: Sen. Judd Gregg on Obama’s Plan:

Politico: Auto pols stunned by ‘tough love.’

1 Comment

Filed under Featured

One response to “Obama’s Auto Industry Speech

  1. Pingback: 600 People Feared Dead off Libyan Coast « Citizen’s Daily Brief

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s