Obama asserts unprecedented government control over auto industry
President Obama backed new car warranties for GM and Chrysler as he warned of possible quick bankruptcies and announced a short term cash infusion to stabilize the automakers. GM’s financing extends 60 days and Chrysler 30 days as moves toward a Fiat deal or similar restructuring proceed.
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GM CEO signals bankruptcy option amid GM restructuring
GM's new chief Fritz Henderson on a conference call said bankruptcy remains a greater risk due to Obama administration pressure to eliminate debt. He favors restructuring outside court but will accept court action if needed. Rick Wagoner exits after government request on his last day, with pension and stock awards totaling tens of millions cited. Kent Kresa named interim GM board chairman.
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Government backed warranty aims to reassure buyers
The Warranty Commitment Program will ensure GM and Chrysler new cars have covered warranties if the firms file for bankruptcy. Consumers who purchase during the restructuring period gain protection financed by a federal account, with the government covering most warranty costs. Ford and foreign makers are excluded. other U.S. brands may participate. The program is funded by TARP and requires no action by buyers.
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Netflix hikes Blu-ray fees and drives up HD surcharges
Netflix Inc. boosts prices for Blu-ray discs, tripling or quadrupling the HD surcharge on popular plans as demand grows. About 1 million of 10 million subscribers request Blu-ray discs, which cost roughly 30 percent more than standard DVDs.
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San Francisco
Netflix Inc
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