Only viable choice for GM, Ford, and Chrysler – nationalization by the US and Canadian Government
Frank Lawson
Dec. 20, 2008

Whether you like it or not, there is only one option is left to save the three automakers that are sinking even with funds from the US and Canadian Governments as a bailout package.

General Motors Corp. and Chrysler LLC will get C$4 billion ($3.3 billion) in government loans from Canada and the province of Ontario, a day after the U.S. agreed to aid to keep the two automakers operating.

General Motors’ Canadian unit will receive C$3 billion while Chrysler is set to get C$1 billion, the two governments said today. Borrowers must accept limits on executive compensation and also report “material transactions in excess of C$125 million or more,” the two governments said in a joint statement.

Canada’s aid builds on the $13.4 billion in U.S. emergency loans announced by President George W. Bush. Canadian Industry Minister Tony Clement on Dec. 12 pledged to offer GM, Chrysler and Ford Motor Co.’s Canadian units federal and provincial aid “proportional” to the their contribution to North American production, which is about 20 percent.

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