Administration 'Shocked' By GM & Chrysler's Condition Last Spring

The Obama administration last spring was shocked by the weak condition of struggling automakers General Motors and Chrysler, the former head of the administration's auto task force said in a new first-person account published today. "We were shocked, even beyond our low expectations, by the poor state of both GM and Chrysler," Steve Rattner wrote in Fortune magazine. "Looking just at the condition of GM's finances and Chrysler's new-car pipeline, the case for a bailout was weak." "But on the...Full Story
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