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Behind The Wheel
GM's Wagoner: He'll Get What He Needs From Washington
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AP Rick Wagoner |
Let me spare you from wondering if Wagoner will get the $5—$10 billion in federal loans he is seeking. He'll get it. And while lawmakers will publicly proclaim everything must be done to limit the loss of jobs caused by a merger, they know thousands will lose their jobs and there's not much that can be done.
Washington doesn't have much of a choice but to give GM the money. If it doesn't, there is a very real possibility Chrysler and GM slide toward bankruptcy. That ultimately would be even worse than spending $5-10 billion now and hoping GM can Save some of Chrysler's 44,000 workers. It's the only play Washington has.
So in many ways, Wagoner's personal push for loans is not a tough sell. He'll get the money and once he does, then the real pressure starts. Then he and his top lieutenants will have to move quickly to integrate Chrysler.
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