Auto aid plan revived as White House mulls loans
After proposal dies in Senate, Treasury says it would lend cash to Big Three
By Robert Schroeder & Greg Robb, MarketWatch
Last update: 4:41 p.m. EST Dec. 12, 2008Comments: 2231WASHINGTON (MarketWatch) -- The Bush administration breathed new life into a failed rescue package for U.S. automakers on Friday, signaling it will step in to prop up the Big Three following the collapse of a $14 billion rescue proposal on Capitol Hill.
Hours after the loan plan broke apart in the Senate, the Treasury Department declared that it stands ready to make available funds to automakers until lawmakers have time to consider a long-term rescue package next year.
"Because Congress failed to act, we will stand ready to prevent an imminent failure until Congress reconvenes and acts to address the long-term viability of the industry," said Treasury spokeswoman Brooklyn McLaughlin in a statement.
Separately, White House spokeswoman Dana Perino said funds to aid the sector might come from the government's $700 billion Troubled Asset Relief Program. She gave no indication of a time frame for a decision on the loans or conditions on them, however.
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http://www.marketwatch.com/news/story/white-house-breathes-new-life/story.aspx?guid=%7B081CBE42-3D1B-4884-B83F-2790DF2BB542%7D&dist=msr_12
Oldtimer said:GW is going to print them some now......
Auto aid plan revived as White House mulls loans
After proposal dies in Senate, Treasury says it would lend cash to Big Three
By Robert Schroeder & Greg Robb, MarketWatch
Last update: 4:41 p.m. EST Dec. 12, 2008Comments: 2231WASHINGTON (MarketWatch) -- The Bush administration breathed new life into a failed rescue package for U.S. automakers on Friday, signaling it will step in to prop up the Big Three following the collapse of a $14 billion rescue proposal on Capitol Hill.
Hours after the loan plan broke apart in the Senate, the Treasury Department declared that it stands ready to make available funds to automakers until lawmakers have time to consider a long-term rescue package next year.
"Because Congress failed to act, we will stand ready to prevent an imminent failure until Congress reconvenes and acts to address the long-term viability of the industry," said Treasury spokeswoman Brooklyn McLaughlin in a statement.
Separately, White House spokeswoman Dana Perino said funds to aid the sector might come from the government's $700 billion Troubled Asset Relief Program. She gave no indication of a time frame for a decision on the loans or conditions on them, however.
.
http://www.marketwatch.com/news/story/white-house-breathes-new-life/story.aspx?guid=%7B081CBE42-3D1B-4884-B83F-2790DF2BB542%7D&dist=msr_12
"U.S. CEOs' income is 550 times greater than the average employee's," says Abegglen. Citing figures from compensation consultants Tower Perrin, he says that in Japan, "the multiple is about 10 or 11 -