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US giants need a bailout package of $75 billion. Now!
The newly elected US President Barack Obama recently met the current president George Bush and spoke about a series of issues, including bailout packages for the US auto majors. The situation of the US auto sector is even worse than that of India, as the auto majors are begging for bailouts, with all urgency! The accused in this case are the three Detroit giants – Ford, GM and Chrysler, whose financials are getting worse, every passing month! The three automakers have asked for a $50 billion package from the US government, which will help them combat the current crisis. Interestingly, this figure doesn’t include the additional $25 billion which the government has agreed to grant to the automakers to produce energy efficient vehicles.
Well, in a situation where almost five million jobs rely on the auto sector, falling apart of the sector surely means a state of urgency! It is a situation where the stock prices of these auto giants is tumbling by the trading hour and their operating cost shows no signs of falling. Surely, for now, it’s about breathing hard, underwater for the giants. Strange though, it was the same trio that once ruled the world of automakers. Today, they have been reduced to brands that might just becomes ghosts for the American future. Obama, you there? Bailout is the word!
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Source : IIPM Editorial, 2009
An Initiative of IIPM, Malay Chaudhuri and Arindam chaudhuri (Renowned Management Guru and Economist).
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