Obama’s tough auto stance may include bankruptcy (Reuters)

icon1 Posted by John in Articles on 03 31st, 2009 | no responses

President Barack Obama makes remarks on the American Automotive Industry, Monday, March 30, 2009, in the Grand Foyer of the White House in Washington. From left are, Budget Director Peter Orszag, Transportation Secretary Ray LaHood and Treasury Secretary Timothy Geithner, the president, and former Deputy Labor Secretary Ed Montgomery, who will lead assistance efforts to cities and towns that depend on the auto industry. (AP Photo/Gerald Herbert)Reuters - President Barack Obama ordered General Motors Corp and Chrysler LLC to accelerate their survival efforts and brace for possible bankruptcy, saying neither company had done enough to justify the taxpayer money they were seeking.

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