Michigan Senator Carl Levin remarked during a local debate Monday that the federal government might be agreeable to greasing the squeaky wheel in any GM takeover of Chrysler, reports the Detroit News. "No other country in the world would stand by and watch major corporations go under this way without trying to do something about it," said the senator, acknowledging that a merger could result in job losses, but an outright failure of one or both of the automakers would produce far more devastating results to the state economy. So what kind of aid might be on the way?
"I don't have anything specific I want to talk about at this point," he said. "There may be ways (to help a merger) ... but I better leave it at that."Levin obviously has his own ideas about how to facilitate a GM/Chrysler deal. Whether he's thinking low-interest loans — more of them — or something more akin to the recent banking deal that saw the federal government gain minor stakes in the companies themselves remains to be seen. But at this point, we're not sure the federal government is in any better shape than GM or Chrysler. [Detroit News]