US AUTO SECTOR

The US AUTO SECTOR moved into overdrive in terms of Government intervention; with GM's CEO, Rick Wagoner, reportedly being asked to resign in return for more bailout funds. The resignation comes ahead of President Obama's plans on Monday to lay out new steps that need to be taken to return the beleagured auto industry to health. In remarks Sunday, Mr Obama indicated that both GM and Chrysler were not quite there yet with the restructuring process needed to obtain more bailout money, and said a set of sacrifices were required from all parties involved ie management, labor, shareholders, creditors, suppliers, dealers.