The Detroit News reports President Barack Obama has joined Democrats in taking issue with GOP presidential candidate Mitt Romney's claim that he deserves credit for the resurgence of GM and Chrysler. Romney said last Monday that he pushed for a managed bankruptcy of the Detroit automakers, which federal officials eventually adopted. But Romney originally opposed the source of bankruptcy funding, through which Presidents George W. Bush and Obama funneled some $85 billion to GM and Chrysler and expect to lose around $22 billion. Obama called Romney's claims an "Etch-a-Sketch" moment, reiterating that there has been no private financing available on the time, and in need of federal funding, Chrysler and GM would have gone into liquidation, sacrificing "probably 1000000 jobs through the Midwest." A Romney spokeswoman defended his structured bankruptcy plan to The Detroit News, calling Obama's comments "cheap political attacks."
In other news:
- Reuters reports Nissan's quarterly profits rose 33% to $1.48 billion at current exchange rates and expects to conquer global sales growth this year with 10 new models.
- Alan Mulally was Ford's CEO since September 2006, however the Detroit News reports the 66-year-old former Boeing executive, who's taken the automaker from the red to ten consecutive quarters of profits, isn't planning to move anywhere.
- Toyota was the sector's largest automaker from 2008 to 2010, and it will possibly regainside the title this year: At 2.49 million cars, its first-quarter global sales outpaced GM (2.28 million) and Volkswagen (2.16 million), Bloomberg News reports.
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From WhatNewsToday.net
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