GM Turned down by Government

From NY Times ;

The Treasury Department has turned down a request by General Motors for up to $10 billion to help finance the automaker’s possible merger with Chrysler ... the Bush administration will now shift its focus to speeding up the $25 billion loan program for fuel-efficient vehicles approved by Congress in September and administered by the Energy Department.
...
While G.M. and Chrysler continue to talk, no deal is expected until the government clarifies its role, if any.

If this deal will not agree, Chrysler will probably go bankrupt. Lots of people will lose their jobs. Some lenders will be stuck with Chrysler pier loans.

GM futures up for now but we will see its change by time on markets.