Earlierthe day The white House asked GM chairman and CEO Rick Wagoner to stepdown. Shares of GM fell as much as 25% after open on Monday.
In His response President Barack Obama said Monday his administration wilnot let the U.S. auto industry 'simply vanish' and is giving both Chrysler and General Motors more time to submit viable
restructuring plans. But he said bankruptcy is an option for both companies. He said neither GM nor Chrysler has proposed enough changes to justify further bailouts and demanded more "painful concessions" to survive.
Read full text of Obamas Speech : Cnbc
In His response President Barack Obama said Monday his administration wilnot let the U.S. auto industry 'simply vanish' and is giving both Chrysler and General Motors more time to submit viable
restructuring plans. But he said bankruptcy is an option for both companies. He said neither GM nor Chrysler has proposed enough changes to justify further bailouts and demanded more "painful concessions" to survive.
Read full text of Obamas Speech : Cnbc
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