China in auto power play
It might not shake up the industry just yet, but China's interest in Volvo and Saab is the start of something big in global autos, writes columnist Wei Gu. Commentary
White House says mulling TARP funds for automakers
ABOARD AIR FORCE ONE (Reuters) - The White House said on Friday it was considering tapping a $700 billion financial industry bailout fund to prevent a collapse of ailing U.S. automakers.
"Given the current weakened state of the U.S. economy, we will consider other options, if necessary including use of the TARP program, to prevent a collapse of troubled automakers," White House spokeswoman Dana Perino told reporters aboard Air Force One as Bush headed to Texas.
A willingness to consider use of TARP funds marked a dramatic reversal for the Bush administration after a proposed bailout of U.S. automakers failed in the Senate on Thursday night, raising the specter of an industry collapse.
(Reporting by Tabassum Zakaria, writing by Matt Spetalnick)
