Automakers Get Approval Nod From Obama Administration

By: Associated Press
By: Associated Press

A leading figure in the Obama administration's efforts to help the manufacturing and auto segments of the economy says General Motors Co. and Chrysler Group LLC are still works in progress but both companies are taking steps in the right direction.

Ron Bloom said he is hopeful GM will be able to sell stock to the public in the fourth quarter of this year.

Bloom's comments came during a meeting with reporters at Democratic Sen. Debbie Stabenow's East Lansing office.

Bloom is scheduled to address the Michigan Manufacturing Association in Lansing later in the day.

Michigan has suffered with a loss of auto and manufacturing jobs. The state has had the nation's highest unemployment rate for four years.


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