GM, Chrysler need another $21.6B

[Heracles 417]

Can you believe this?

From what I have heard these guys are using a lot of the bailout to basically pay out Union workers to quit. If that is not wealth distribution then what it. Tax payers go into debt to fund Unions workers payouts. The other thing that is happening is that these bailouts are being used by the manufactures to assist dealers. The same dealers who have been earning thousands ripping people off for years.

---------------

GM, Chrysler ask for another $21.6 billion

GM says it could need up to $30 billion in federal loans, while Chrysler asks for $9 billion. Both say bankruptcy will cost taxpayers more; also announce job cuts.

NEW YORK (CNNMoney.com) -- General Motors and Chrysler LLC presented their updated turnaround plans to the federal government Tuesday and said they could need an additional $21.6 billion in federal loans between them because of worsening demands for their cars and trucks.

The two firms also detailed plans to cut 50,000 jobs worldwide by the end of the year. In addition, GM plans to close five more plants in the next few years and confirmed it will drop some of its weaker brands.

GM (GM, Fortune 500) said it now may need as much as $30 billion by 2011, up from the $13.4 billion in federal loans it has already received. The company had originally asked for $18 billion in federal help last December.

http://money.cnn.com/2009/02/17/news/compa...sion=2009021718

[Jasman0717 9]

A bottomless pit

[britty 1]

F O GM

[Jasman0717 9]

The unions are going to have to give in a bit, I mean it is kind of crazy to have 3 months paid vacation each year and earn eighty bucks an hour just to screw a bolt

[Gary and Alla 3,694]

Can you believe this?

From what I have heard these guys are using a lot of the bailout to basically pay out Union workers to quit. If that is not wealth distribution then what it. Tax payers go into debt to fund Unions workers payouts. The other thing that is happening is that these bailouts are being used by the manufactures to assist dealers. The same dealers who have been earning thousands ripping people off for years.

---------------

GM, Chrysler ask for another $21.6 billion

GM says it could need up to $30 billion in federal loans, while Chrysler asks for $9 billion. Both say bankruptcy will cost taxpayers more; also announce job cuts.

NEW YORK (CNNMoney.com) -- General Motors and Chrysler LLC presented their updated turnaround plans to the federal government Tuesday and said they could need an additional $21.6 billion in federal loans between them because of worsening demands for their cars and trucks.

The two firms also detailed plans to cut 50,000 jobs worldwide by the end of the year. In addition, GM plans to close five more plants in the next few years and confirmed it will drop some of its weaker brands.

GM (GM, Fortune 500) said it now may need as much as $30 billion by 2011, up from the $13.4 billion in federal loans it has already received. The company had originally asked for $18 billion in federal help last December.

http://money.cnn.com/2009/02/17/news/compa...sion=2009021718

Lets see, the report says "the problem is worse than we thought and we need more money", right? Imagine that!!!! Once, before I die I would like to see someone recieve governmet moey and say "Oh, no more, thanks, I have enough!" Give me a break.

They should have let them fail as they are destined to do and then let some upstart company buy up the assets and make good cars we want to buy and sell them for lower cost. If I wanted to be part owner of GM I could buy their stock for $2.22 per share!

[Nagishkaw 510]

They aren't asking for much, are they?

[Lili 3]

Is anybody really surprised?

[dalegg 143]

The foot has to come down.

[Ban Hammer 13,337]

They aren't asking for much, are they?

[SMOKE 1,426]

yah it sucks....but, they'll get it.

39 billion (total) in loans to keep GM & Chrysler in business......jobs..economy..paid back...blah blah.

vs.

18.4 billion of the 700 billion wall street gimme to exec bonuses.....vacations..resorts..yachts..jets..blah blah. yanno to compensate them for their fantasic job performance.

21.6 billion more doesn't sound as bad as it did a couple minutes ago now does it?

Edited February 18, 2009 by SMOKE

[Heracles 417]

They are already paying out Union workers $50,000K and up to quit. Under usual circumstances this would be acceptable but we are talking about tax payers money here. I guess to the union bosses, as long as they are screwing the rich for the working man (union mindset).

[SMOKE 1,426]

They are already paying out Union workers $50,000K and up to quit. Under usual circumstances this would be acceptable but we are talking about tax payers money here. I guess to the union bosses, as long as they are screwing the rich for the working man (union mindset).

i know. i hope the gov't says no deal to the unions & cuts the loans in half....but we'll see what happens.

[Jasman0717 9]

I almost have to agree with Ron Paul and let the banks and other businesses that have over-extended themselves fail.

[lostinblue 1,989]

two years ago Delphi offered a buyout. Some of the workers received 100,000+. They quit on friday working for 28/hour and walked in the door(hired) on monday for 14-16/hour. Everyone said it was the easiest money they ever made.

[mhaze 0]

they havent had a pay raise for 30 years already and if they would go 16 or 17/hour..it means that what they were fighting for will just be put in rest

but i know with the massive lay off 16 and 17/hour is already acceptable..

what do you think? and will they be called back to work again?