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AddBob Lutz: GM deserved federal money, but Fisker, well, who knows?

Two days after a Congressional hearing about a US Department of Energy loan to Fisker Automotive, Bob Lutz wrote a column pondering what should be done to stop the financial hemorrhaging at the company that builds – well, used to build – the Karma extended-range sports car. When Lutz was vice chairman at General Motors, a federal bailout kept that company's factories open and helped bring the Chevrolet Volt to market. So, should the same sort of logic be applied here and Fisker given

48BREAKING: GM lurches toward bankruptcy as bondholder offer fails

General Motors is teetering ever closer to the brink of bankruptcy today, as the automaker's exchange offer for its outstanding debt fell "substantially" short of the necessary take-rate. GM had offered some $27.2 billion of its unsecured public notes to its bondholders, but the offer expired at noon yesterday without having the minimum tender amount met. The U.S. Treasury Department had mandated that at least 90 percent of bondholders would have to agree to swap their shares for a 10 percent st

63McCain has no plans for Detroit bailout

Back in the late seventies and into early eighties, Chrysler had gotten itself into such horrid financial shape that the U.S. government decided to step in and fix the situation itself. Considering the sorry state of affairs that all three of the Detroit automakers find themselves in today, some may wonder if a government-funded bailout is in the cards. Not so much... at least according to John McCain. "Frankly I just don't see a scenario where the federal government would come in and bail out a

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