Sunday, November 2, 2008

Report: U.S. Treasury ends talks with GM and Chrysler, puts merger on hold !

The United States Treasury Department has put an end to all hopes that additional federal money (10 billion dollars) will be lent to either General Motors or Chrysler to help them with there merger case. So as a result, the merger talks between the two automakers is on hold until further notice. Also, the Treasury Department doesn't want to help between any merge, because any merge between these two companies will eventually lead to more than 20,000 of job losses.

So nowadays, it isn't the best time for the U.S. auto industry to grow. On the other hand, we can sleep tight knowing that GM and Chrysler aren't merging, atleast for now.

UPDATE: Government official has confirmed talks between the Treasury and auto industry has ended

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