"DETROIT - General Motors and Chrysler asked the government for an additional $14 billion in aid, a dramatic acknowledgment that conditions in the U.S. auto industry have grown significantly worse in just two months.
GM said it could need up to $30 billion from the Treasury Department, up from a previous estimate of $18 billion. That includes $13.4 billion previously allocated and $9.1 billion in new loans. The world's largest automaker said it could run out of money by March without new funds.
GM's request includes a credit line of $7.5 billion to be used if the downturn in the auto industry is more pronounced than expected. But the automaker claimed it could be profitable in two years and fully repay its loans by 2017.
Chrysler LLC requested $5 billion in new loans on top of the $4 billion it received in December. The company had said it might need an extra $3 billion."
Oh my shock of shocks...like government welfare junkies here come Chrysler and GM looking for another massive chunk of public subsidy.
Who would have ever thought they would burn through billions and be back for more in a matter of a couple of months?
Hmmmm. Let me think about it. I know. Anyone with a half a damn brain.
Oh, by the way, they're laying off 10's of 1000's.
Nothing like taking a bailout/stimulus blow-torch to taxpayer dollars, propping up failed companies that can't get it right in the real world.
Time to get real and stop throwing good (borrowed) money after bad.
No comments:
Post a Comment