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Politics : President Barack Obama -- Ignore unavailable to you. Want to Upgrade?


To: stockman_scott who wrote (45485)11/21/2008 8:02:57 PM
From: ChinuSFO  Read Replies (1) | Respond to of 149317
 
GM, Chrysler making deep cuts to hold on for loans
Friday November 21, 6:54 pm ET
By Tom Krisher, AP Auto Writer

Experts say GM, Chrysler must slash expenses to buy time for federal loans to be approved

DETROIT (AP) -- When Chrysler was near death and awaiting a government bailout in 1979, then-CEO Lee Iacocca ordered drastic spending cuts and required all checks above $1,000 to be approved by a senior vice president.

...contd at biz.yahoo.com