BofA CEO: '1 too many' Detroit car makers
By JEFF KAROUB
AP Business Writer
DETROIT (AP) – Bank of America Chief Executive Kenneth Lewis says two of the struggling Detroit automakers should combine and prove to the government they are worthy of a $25 billion rescue package.
The CEO of the Charlotte, N.C.-based bank said after a speech in Detroit on Tuesday “there are one too many” automakers, and he would require consolidation if he was deciding on a bailout.
Treasury Secretary Henry Paulson told Congress earlier in the day the administration remains firmly opposed to dipping into the government’s $700 billion financial bailout fund for General Motors Corp., Ford Motor Co. and Chrysler LLC.
Auto executives insist they need $25 billion in emergency bridge loans to avert a collapse of one or more of their companies.