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US Car Giants Accept Bailout
America's three big car manufacturers have been offered a multi-billion dollar bailout from the US Government. Chrysler and General Motors have accpeted a share of $17bn in loans to save them from collapse. Sky's Lisa Holland reports
America’s big three car companies employ a quarter of a million people directly. But it's believed one in ten jobs in the US are tied to the industry. Part of the last chance alone, the country’s motor manufacturers has been given a 17.4 billion dollars bailout by George Bush to save them from the scrappy(混亂狀態).
"Our economic advisors just believe such collapse would deal with the unacceptably painful blow to hard-working Americans far beyond the auto industry. It would worsen the weak job market and the disaster that made the financial crisis. It could send our suffering economy into a deeper and longer recession.
But the bailout comes with conditions. The car companies must show they can repay their loans by the end of March next year proving that they are economically viable. They have to accept limits on salaries and bonuses and have been told that perks such corporate jets must be eliminated. And the US government will have the right go through their books at any time, challenging their business independence.
Shortly after announcing bailout Mr. Bush was on TV once more, this time to accept the traditional portraits given to presidents about to leave office.
"I suspected there will be a good sign to cry on, once the work got out about my hanging"
He had made it clear he wouldn't be the one to hang the car industries out dry, because it would be too late by the time Barak Obama takes over. Mr. Obama describes the package as a necessary step.
"The other companies must not squander this chance to reform bad management practices and begin the long term restructuring that is absolutely necessary to save this critical industry in millions of American jobs that depend on it, while also creating the fuel efficient cars of tomorrow."
Ford had said it hoped to get by without government's help. But controversially the government is using part of the 700 billion dollars, which was supposedly to prop up the Wall Street instead. Mica Holland sky news.
