Bad start to the week

After a couple of weeks of positive economic news and a 20% rally on Wall Street, the wheels seemed to have come off following a tough report from the US government on the auto bailout. The administration indicated on March 30 that the restructuring plans from GM and Chrysler were insufficient and in addition, they “requested” that GM’s president resign. On the up side, they did not recall the $17 billion of loans received thus far as had been originally intimated and will give Chrysler and GM more time to develop an acceptable business plan.

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