Automakers Bailout dead

Automakers Bailout dead, rejected by U.S. Senate

(Dec 12) The U.S. senate rejected the Automakers Bailout deal with a 52-35 vote, 60 short of the required amount of votes.
The bill failed after Republican demands to the United Auto Workers Union (UAW) to reduce wages.
The White House is considering a 'Plan B' next. Or will they wait till after the inauguration? Possibly too late for GM which is in desperate need of money.
Some Democrats asked for using TARP money, but this was rejected as the worst option as the loan would go to the auto companies with few or no requirements along with it.
The Senate does not want to give more bailout money to companies suffering from mismanagement and lack of marketing insight. According to The WallStreet Journal GM has already contacted a New York law firm for hiring bankruptcy managers.
Stock Markets worldwide dropping. U.S. markets point to lower openings.

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