General Motors Corp., hammered by the worst auto market in 25 years, needs U.S. aid because “time is very short” to stop its collapse, says Roger Altman, the former Treasury official advising GM in merger talks with Chrysler LLC.
With the government offering a $700 billion rescue for banks, it should have enough to assist GM, Chrysler and Ford Motor Co., Altman, 62, said in an interview. Altman, now chief executive officer of Evercore Partners Inc., helped with the 1979 Chrysler bailout plan as an assistant Treasury secretary.
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