Wall Street Isn't Liking News Out Of Detroit
(DETROIT, MI) - The stock market didn’t like what it heard in relation to the American auto industry yesterday.
It was let out over the weekend, and made official yesterday, that the Obama Administration told General Motors CEO Rick Wagoner to step down as a condition of the company being eligible for more bailout funding.
Chrysler was also determined to be unable to survive on its own, and the White House told them to finalize their merger with Italian carmaker and "comeback kid" Fiat within 30 days.
Fortunately, on that end, Fiat and Chrysler announced the basic framework for the deal.
Our partners at Fox News and their affiliate publication, The Wall Street Journal report the deal would end up in Fiat controlling Chrysler, and Cerberus Capital losing their equity stake in the carmaker, but keeping ownership in Chrysler Financial.
In stock market trading yesterday, the Dow, S&P and NASDAQ all lost around 3%, mostly fueled by GM stock losing a quarter of its value by the end of the day.
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