Jerry York Said $25B In Auto Loans Is Not Enough (GM, F)
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On Bloomberg TV, Kirk Kerkorian adviser and former auto executive, Jerome York, said the $25 billion in loans the automakers are asking Congress for is not enough. In fact, York said "I don't think it is close."
York said General Motors (NYSE: GM), Ford (NYSE: F) and Chrysler may need $40 billion. He also said the automakers' lending arms may need an additional $100 billion in government aide.
York also said compensation and bonuses should be cut at the auto companies and the UAW workers may need to accept job cuts. He also said GM's market share may need to fall to 16% to 22%.
Tomorrow, the automakers will be submitting detailed plans to Congress on how they will use the federal money to resurrect the struggling industry.
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