Ford, GM May Not Get U.S. Loans in Time, Globe and Mail Reports

Purveyor

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Thu Oct-09-08 12:01 PM
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Ford, GM May Not Get U.S. Loans in Time, Globe and Mail Reports

Oct. 9 (Bloomberg) -- Ford Motor Co. and General Motors Corp. may not receive $25 billion in loan guarantees from the U.S. government in time to help them survive the crises in the credit and equity markets, the Globe and Mail newspaper reported, citing a Citibank Inc. analyst.

Citibank's Itay Michaeli cut his sales forecast for the automakers and lowered his recommendation to ``sell'' from ``hold,'' saying that if conditions continue to deteriorate, the companies may have to find ``drastic spending cuts'' or ``broader workout scenarios'' sooner than expected, the Toronto- based newspaper said.

BLOOMBERG: http://www.bloomberg.com/apps/news?pid=20601082&sid=aegzvEwrvIjc&refer=canada

FYI: GM stock price $5.76, Ford stock price $2.40

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sandnsea

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Thu Oct-09-08 12:05 PM
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1. That is so cheap, people should buy

If they have the teensiest bit of money to take a risk with.

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