UPDATE 1-U.S. automakers bailout outlook in doubt-senator
(Updates with Dodd, Grassley comments)
By John Crawley and Rachelle Younglai
WASHINGTON, Nov 13 (Reuters) - A senior Democratic senator raised doubts on Thursday that an attempt to bail out U.S. automakers had enough support to clear Congress this year.
As Republicans amplified their concerns about a bailout, Senate Banking Committee Chairman Christopher Dodd raised the biggest red flag for fellow Democrats trying to craft a $25 billion rescue and pass it during a post-election session set to start next week.
“Right now, I don’t think there are the votes,” Dodd of Connecticut told reporters about prospects in the Senate. “I want to be careful of bringing up a proposition that might fail,” he said.
November 14th, 2008 at 1:21 am
Goldman stops rating GM stock, JPMorgan downgrades shares
Michael Patterson / Bloomberg News
Goldman Sachs Group Inc. removed its investment rating and share-price target for General Motors Corp., saying the largest U.S. automaker may need $22 billion and it’s “highly uncertain” Congress will pass a bailout package this year.
“There is not currently a sufficient basis for determining an investment rating or price target for this company,” Goldman analyst Patrick Archambault wrote in a research note today. “Given GM’s large capital requirements, we believe a new government assistance program is most likely. The ability of Congress to pass such a measure this year is highly uncertain.”
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