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Consumer Corner: Foreclosure settlement no magic bullet for economy
DETROIT, Nov. 28 (UPI) -- Some are questioning whether Chrysler LLC is a viable candidate for a federal bailout, considering its status as a private company.
In contrast, General Motors Corp. and Ford Motor Co. are publicly traded companies.
"Where is the win-win for everyone in this room?," Chrysler's Chief Executive Officer Bob Nardelli was asked recently at an Ernst & Young forum, the Detroit Free Press reported Friday.
At that point, Nardelli raised the possibility of Chrysler's owner Cerberus Capital Management forfeiting profits if the company were sold after receiving federal assistance.
Members of Congress have been mute on the topic of Chrysler as a private company, but others are questioning the reasoning behind bailing out a company in which the public has no direct stake.
David Cole, chairman of the Center for Automotive Research, said Chrysler's status "adds to the complexity" of a bailout.
Radio commentator Lou Dobbs said he was dead set against the idea. "When we get into the business of bailing out private companies, we're done in this country," Dobbs said during a radio broadcast last week.
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ISTANBUL, Turkey, Feb. 14 (UPI) --
Azerbaijan would appreciate major international companies taking part in a natural gas pipeline planned through Turkish territory, an executive said.
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WASGHINGTON, D.C., Feb. 13 (UPI) --
Defense industries are weighing the potential impact of proposed defense cuts running into tens of billions of dollars over the next 10 years.
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Local markets will probably not be swamped by waves of foreclosures following the multi-state mortgage settlement announced yesterday. Rather, the huge inventory of one to two million foreclosures will enter markets gradually....
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Investors will not have the distraction of financial reports to look forward to this week. They will have to look at the spot news headlines instead.
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