Chrysler CEO Urges Employees To Cut Costs After Loan Defeat
13 December 2008 - 8:25AM
Dow Jones News
Chrysler Chief Executive Bob Nardelli Friday implored employees
to do all they can to save money to keep the company afloat while
it lobbies the Bush Administration for emergency loans.
In an e-mail to workers, Nardelli expressed disappointment that
a measure to extend $14 billion in low-interest loans to Chrysler
and General Motors Corp. (GM) was blocked by the Senate Thursday.
He said the company is in talks with the White House and U.S.
Treasury over giving the auto makers access to funds allocated
under the $700 billion Troubled Assets Relief Program for financial
institutions.
"We will continue to make our case in Washington that an
immediate, short-term bridge loan is critical for Chrysler to
survive the current financial crisis and is just as important to
the health of the overall American economy," Nardelli wrote in the
e-mail. "While a bridge loan is critical to manage through this
financial crisis, we must continue to manage the factors under our
control."
Nardelli said Chrysler also is talking to the administration of
President-elect Barack Obama over the industry's long-term
needs.
"Key members of the incoming administration are aware of the
importance of addressing the short-term and long-term viability of
our industry and our company," he wrote.
Nardelli said he is encouraged by a statement from the White
House Friday that Bush would consider tapping TARP funding to
rescue the auto makers, which have said they will run out of cash
by the end of the year without government intervention.
-By Sharon Terlep, Dow Jones Newswires; 248-204-5532;
sharon.terlep@dowjones.com.
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