President Barack Obama chided the nation’s big automakers on Monday, saying neither General Motors nor Chrysler has offered major changes to justify further large government bailouts, according to the Associated Press. The President’s stern words come after the resignation of GM CEO Rick Wagoner, who was essentially booted out by the White House. A lack of leadership “from Washington to Detroit” over the years has sent the industry into its darkest days as it teeters near collapse, the President said. “And so today, I am announcing that my administration will offer G.M. and Chrysler a limited period of time to work with creditors, unions and other stakeholders to fundamentally restructure in a way that would justify an investment of additional tax dollars; a period during which they must produce plans that would give the American people confidence in their long-term prospects for success.”—ZH
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