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Posted: 10:14 p.m. Sunday, March 29, 2009
By Jamie Dupree
The news on Sunday night that the White House was basically forcing out the head of General Motors was just the tip of the iceberg when it comes to change for GM and Chrysler.
As the clock ticked towards midnight, more details leaked out about what the Obama Administration wants out of Detroit - a lot more changes in a limited amount of time - with the threat of bankruptcy proceedings as a final option.
GM will get more federal aid and 60 days to make some very serious changes.
Chrysler will get billions more and 30 days to cut a deal with Fiat.
And if the two companies can't reach a deal with debtholders, the UAW and other creditors, then the message was, "See you in bankruptcy court."
For some, it won't be easy to feel much pity over the ouster of GM CEO Rick Waggoner.
Let's face it - General Motors has been losing billions and billions of dollars in recent years. Not just millions.
Today President Obama will outline plans for GM and Chrysler's survival. From the sounds of it, Mr. Obama is going to put even more heat on the two companies to make major changes.
Not just cosmetic stuff, but major changes to survive.
Is Wagoner nothing but a scapegoat?
In a sense, it doesn't matter, because Detroit is on the clock.
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