ante up bitches

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E_SolSi

Member of the 20 nut club
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thats right everyone... time to turn those pockets out once again...

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GM needs another $5 BILLION and Chrysler needs $500 Million

GM, Chrysler to get $5.5B more in government loans

GM, Chrysler to get $5.5B more in government loans


DETROIT – General Motors Corp. could get as much as $5 billion more in federal loans, while Chrysler LLC could get $500 million as they race against government-imposed deadlines to restructure, according to a government report filed Tuesday.
The quarterly report by a special inspector general on the auto industry and bank bailout programs says the money will be made available for working capital. GM has until June 1 to complete restructuring plans that satisfy the government's auto task force, while Chrysler has until April 30.
A person briefed on the plans said Tuesday that the exact amount of the loans have not been finalized and will be worked out with the companies. The person asked not to be identified because the negotiations are confidential.
GM already has received $13.4 billion in government loans, while Chrysler has received $4 billion.
The government's auto task force rejected both companies' restructuring plans on March 30 and gave Chrysler until the end of April to make further cuts and take on a partner or face liquidation. If GM doesn't meet its deadline, it will be forced to restructure under bankruptcy protection.
GM CEO Fritz Henderson said last week that the automaker would need $4.6 billion during the second quarter. A Chrysler spokeswoman said only that the company has not received any more money beyond the initial $4 billion.
The inspector general's report filed Tuesday says that as of March 31, the Treasury Department had spent $24.8 billion for the Auto Industry Financing Program, out of a projected initial total of $25 billion. The money includes aid to Chrysler and GM, plus their financial arms, Chrysler Financial and GMAC Financial Services.
The Treasury also has estimated that it will spend up to $1.25 billion to guarantee warranties for people who buy Chrysler or GM vehicles during the restructuring period. The program is designed to reassure consumers that their warranties will be honored, according to the report, which was prepared for Congress.
 
This is just plain stupid. If we offering government funded guarantee's on warranties? And this is not a red flag to anyone on the Hill. And really, how many people out there actually trust the Feds to step up to the plate when their car catches on fire while dropping the kids off at school. The follow through, or lack there of is leaving alot to be desired right now and I have zero confidence that they would take care of things once GM goes out of buisness.
 
My fucking god, just let them die. This is fucking retarded. "Let's just keep pumping money into them.. maybe something will happen"

What a bunch of bullshit.
 
My fucking god, just let them die. This is fucking retarded. "Let's just keep pumping money into them.. maybe something will happen"

What a bunch of bullshit.
this is probably what china is saying about us right about now
 
its a vicious cylce.
keep bailing them out because nobody wants to buy their shit
but nobody wants to buy their shit, not only because its garbage, but bc who wants to buy a new car from a company that may not be there soon to cover the warranty?

fucking retards.
 
Let them fail and burn, that's the great thing about a capitalistic economy, it will recover eventually without throwing billions of dollars down the toilet. This is like beating a dead horse.
 
+rep the picture made me laugh

Yeah this is getting ridiculous. Has anyone noticed how the GM commercials with Howie lately?
 
Puhleease. It wouldn't matter who we elected. You act like like our elected officials are the ones making the decisions.
good point. it doesn't matter who the president is, the same stuff will happen. the president has minimal clout. they might as well be a king.
 
The exorbant income taxes I pay directly benefits the competitors of my company. Is this America?
 
Puhleease. It wouldn't matter who we elected. You act like like our elected officials are the ones making the decisions.

Yeah I think the fact that even our wonderful bipartisan system is owned by those pulling the strings.

Here's to socialism everyone.... :drinks_drunk: nice knowing you!
 
like i said, check out theyrule. follow the money, that's where the power is.
 
Here's to socialism everyone.... :drinks_drunk: nice knowing you!


unfortunately that really is the attitude of most of the population that is unhappy with the direction we are headed (and have been headed for quite some time, under each parties rule)... apparently its a lot easier to shrug it off and say "oh well, there's nothing i can do" than to actually stand up for what you believe and do SOMETHING... hell anything is better than nothing... write letters to your reps... call them... talk to people, educate them, encourage them to act as well... make some damn ripples on the pond, if enough like minded people get together and stand up for something, those ripples become waves, and if the wave gets large enough, things will have no choice but to change or be washed away
 
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