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U.S. President Barack Obama rejected the restructuring plans from GM and Chrysler Monday

Obama says GM, Chrysler must ‘stand on their own’



U.S. President Barack Obama rejected the restructuring plans from GM and Chrysler Monday and gave the automakers a short window to revise their bids if they want to receive federal bailout money.

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GM has already received US$13.4 billion in government loans while Chrysler was given US$4 billion during the economic downturn. In February, GM asked for $16.6 billion more while Chrysler sought $5 billion more. More...


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