Future for Automakers

Frustrated Americans cheer Obama's tough auto moves Reuters — Some frustrated taxpayers cheered President Barack Obama's tough steps to shore up the reeling auto industry on Monday but critics called his decision to fire General Motors' chief a heavy-handed power grab. Obama forced out General Motors (GM.N) chief executive Rick Wagoner, pushed Chrysler LLC toward a merger with Italy's Fiat SpA (FIA.MI), and threatened bankruptcy for both, marking an escalation in Washington's involvement in rescuing the faltering economy. click to read complete article

Obama’s Plan for Automakers Gets Mixed Reviews on Capitol Hill Bloomberg — President Barack Obama’s steps to force a restructuring by U.S. automakers drew a mixed reaction from members of Congress, with some Republicans criticizing the forced resignation of General Motors Corp. Chief Executive Richard Wagoner. Lawmakers from Michigan, Ohio and other states with economies dependent on the industry said they hoped that the plan, while tough, could help GM and Chrysler LLC avoid bankruptcy. click to read complete article

New Leaders Hold Detroit’s Prospects in Their Hands New York Times — Frederick A. Henderson, a Detroit native known as Fritz, is the quintessential General Motors man. The son of a Buick sales manager, he has spent most of his adult life at G.M., often parachuting into troubled G.M. operations around the globe. Now, as G.M.’s new interim chief executive, he faces the biggest challenge of all — keeping G.M. itself afloat. click to read complete article