• 77°

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.

Comments

Comments closed.

College

College baseball: Top-seeded Arkansas routs NC State 21-2

Crime

Teacher accused of assaulting at-risk teen at New London military-style school

Education

NC court: Students can use constitution to fight bullying

Coronavirus

Vaccine surplus grows as expiration dates loom

Elections

Justice Department will review restrictive voting laws in Republican-controlled states

College

Wake Forest adding Ole Miss graduate transfer Khadim Sy to basketball squad

Local

Gov. Roy Cooper appoints new Rowan County Superior Court judge

BREAKING NEWS

Sheriff’s Office: Gold Hill woman likely killed during break-in

Crime

Fatal car crash turns into homicide investigation

Crime

62-year-old man killed in Wednesday murder

Business

Solar farm plans in Gold Hill met by resident concerns

High School

High school tennis: Salisbury’s Campion/Wymbs, Carson’s Perry/Conrad claim doubles titles

Local

Quotes of the week

Health

Local lawmakers weigh in on state budget process, potential for Medicaid expansion

Local

Salisbury-Rowan NAACP President Gemale Black discusses meeting with Department of Justice, calls for action

Education

School staff members to receive payments from unprecedented RSS bonus package June 23

Nation/World

Senators eye $579 billion in new infrastructure spending as part of $1 trillion plan

News

Veto likely for state bill on abortion limits

Coronavirus

Wealthiest nations expected to pledge 1B vaccine doses for world

High School

High school baseball: Raiders win first conference tourney in 18 years

News

North Carolina Senate gives final OK to $2B tax-cut plan

Education

Gov. Cooper visits Knox Middle School teacher, gives TikTok a try

Coronavirus

Salisbury Police officer dies after contracting COVID-19

Education

NC to give out $1 million each to 4 vaccinated residents