RECENT POSTS
- Your First Move For Monday November 16th
- Web Extra: Where Will The Next Bull Come From?
- Burned by Yahoo!, Disney and More
- The Latest Picks That Paid – Friday November 13th
- Pops & Drops: Dow Chemical, Macy's...
- Chartology – Can Stocks Break Above 1100?
- Fast Action: Using Options To Play Housing Bottom
- Bold Call Of The Day – Microsoft
FAST MONEY FEATURES
FAST MONEY POLLGet in the post game. Respond to our "Question of the Day" right now.
TRADE SCHOOLGrab a pencil because school is in session and the Fast Money traders are teaching class.
FAST MONEY PODCASTSDownload Fast Money onto your MP3 Player.
FAST MONEY WIDGETGrab this all-in-one application and get recaps of the show sent right to your desktop or blog.
SHOP FOR FAST MONEY MERCHANDISEGet your game on with Fast Money gear.
FAST MONEY PHOTOS!Check out our scrapbook. These "pix" are guaranteed winners.
NEWSLETTERSign up and receive a recap email every Friday after the show!
FAST MONEY MOBILE ALERTSGet advanced information about the next Fast Money.
Text Size 
 |
CNBC has learned that General Motors [GM
Loading...
()
] and Cerberus Capital Management have resolved the major issues in a proposed GM-Chrysler merger. “Its all but a done deal,” says CNBC’s Auto Industry reporter Phil LeBeau on Fast Money. All that’s left now is financing.
The lending consortium—which includes JPMorgan Chase [JPM
Loading...
()
], Goldman Sachs [GS
Loading...
()
], Citigroup [C
Loading...
()
] and Morgan Stanley [MS
Loading...
()
]—has not made a decision yet, and talks are complicated because lenders have sold part of the debt to other investor groups, explains LeBeau.
A NEW CEO?
Who will lead the combined automaker? “Let me spare you from wondering,” writes LeBeau in his CNBC blog Behind The Wheel. It will be GM CEO Rick Wagoner.
And will he get government financing? “He'll get it,” LeBeau says.
“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 could slide toward bankruptcy. That ultimately would be even worse than spending $5-10 billion now,” says LeBeau.
Layoffs Ahead
Unfortunately, the merger comes at a price; jobs. “Lawmakers will publicly proclaim everything must be done to limit the loss of jobs caused by a merger, but they know thousands will lose their jobs and that most of them will be lost at Chrysler,” says LeBeau.
The bottom line: GM and Chrysler will likely merge and the government will probably provide financing.
What do you think? Tell us now
Read More:
> GM's Wagoner: He'll Get What He Needs From Washington
- Your First Move For Monday November 16th
- Web Extra: Where Will The Next Bull Come From?
- Burned by Yahoo!, Disney and More
- The Latest Picks That Paid – Friday November 13th
- Pops & Drops: Dow Chemical, Macy's...
- Chartology – Can Stocks Break Above 1100?
- Fast Action: Using Options To Play Housing Bottom
- Bold Call Of The Day – Microsoft
- Hold 'Em Or Fold 'Em
- Off The Record w/ Charlie Gasparino: Bank of America
______________________________________________________
Got something to to say? Send us an e-mail at and your comment might be posted on the Rapid Recap. If you'd prefer to make a comment but not have it published on our website send those e-mails to .
Trader disclosure: On Oct.29 2008, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Adami Owns (AGU), (BTU), (C), (GS), (INTC), (MSFT), (NUE); Macke Owns (MSFT), (WMT), (MCD), (SDS), (UUP); Najarian Owns (BNI) Put Spread; Najarian Owns (INTC) And Is Short (INTC) Calls; Najarian Owns (MS) And Is Short (MS) Calls; Najarian Owns (PBR); Najarian Owns (MSFT) And Is Short (MSFT) Calls; Seymour Owns (AAPL), (BAC), (F), (MER)
GE Is The Parent Company Of CNBC
CNBC.com with wires
Data is a real-time snapshot *Data is delayed at least 15 minutes