By John Hughes
Dec. 4 (Bloomberg) — U.S. lawmakers were told General Motors Corp., the country’s largest automaker, may fail this month if they don’t give the cash infusion the company seeks.
“I believe we could lose General Motors by the end of this month,” Ronald Gettelfinger, president of the United Auto Workers union, told a Senate panel today in Washington.
The Big Three automakers renewed their plea for an emergency federal bailout as a deadlocked Congress showed no progress in deciding how to aid them. GM Chief Executive Rick Wagoner said his company needs an “immediate” $4 billion, and $4 billion more next month.
“We’re here today because we made mistakes,” Wagoner told the Senate Banking Committee. “Forces beyond our control have pushed us to the brink.”
Wagoner, Chrysler LLC Chief Executive Robert Nardelli and Ford Motor Co.’s Alan Mulally together are asking for as much as $34 billion in federal aid. “I am sorry to be asking for this support,” Wagoner told reporters before the hearing began. Read the rest of this entry »
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