BOHICA: US to Give Chrysler $500 Million, GM Up to $5 Billion

Spectre

The Deported
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Well, that didn't take long.

From the Bend-Over-Here-It-Comes-Again Department and CNBC:

US to Give Chrysler $500 Million, GM Up to $5 Billion
By: Reuters | 21 Apr 2009 | 04:52 AM ET

The Obama administration will make about $500 million available to Chrysler through the end of this month as it seeks to reach an alliance with Fiat, and up to $5 billion through May to help General Motors restructure outside of bankruptcy, an independent oversight report on the Treasury Department's corporate rescue fund said on Tuesday.

Separately, the United Auto Workers (UAW) union urged its members to lobby the White House by phone or email to ensure that workers and retirees are treated fairly in negotiations at both companies on new concessions, which are considered vital for the automakers' to survive.

"We need President (Barack) Obama and his auto task force to stand up for the interests of workers and retirees in these restructuring negotiations," the union said in an appeal on its Web site to members.

The UAW represents about 26,000 workers at Chrysler and 62,000 at GM.

The union is under pressure along with bondholders and banks to help Chrysler and GM [GM 1.66 -0.20 (-10.75%) ] slash debt so they can restructure.

The central issue for the UAW and the car companies is reaching an accord on restructuring the finances of a multi-billion-dollar retiree health care trust.

The administration's task force does not believe Chrysler can stand alone and is brokering meetings this week in Washington and Detroit to see if a deal with Fiat is possible.

The administration has offered up to $6 billion to help finance the alliance that would give Chrysler access to Fiat's small car technology and the Italian automaker a platform for building light trucks and a robust network for selling its vehicles in the United States.

Analysts and consultants have questioned whether the companies can close the deal and avert what most believe would be a certain Chrysler bankruptcy.

At the White House on Monday, Obama's chief spokesman, Robert Gibbs, would not forecast where the talks were headed but said the administration was working "with all of the stakeholders involved" and was hopeful a solution would be found to "continue the Chrysler brand" and strengthen the industry overall.

"The President continues to be involved in this issue and understanding the tremendous economic importance both for the overall industry and for the dozens of communities throughout the country that are dependent upon Chrysler and auto parts suppliers that supply Chrysler for good-paying jobs," Gibbs said.

The administration in March set aside up to $500 million to help Chrysler get through April, according to a report on oversight of corporate bailout funds prepared by the Treasury Department inspector general.

GM was slated to receive up to $5 billion through May. GM said on Monday it would cut another 1,600 salaried jobs by May 1.

The reductions are part of GM's plan to slash its global salaried work force this year by about 10,000, or 14 percent.

GM also aims to cut 37,000 hourly jobs worldwide by the end of the year.

GM and Chrysler, controlled by Cerberus Capital Management, received a $17.4 billion government bailout in December. Ford Motor is also struggling but opted against seeking rescue funds.

I don't think I really need to say anything else.
 
Bail-outs are useful when the company has a well-defined strategy to get itself out of trouble and then repay the government for its help, and then applies it to great effect.

Since GM and Chrysler are both down the drain with no plans to save themselves and with their "new and improved" models still years away... Totally useless.
 
Way to enable and reward union bullying, government.
 
:rofl:

Chrysler is so Fucked if Fiat bails. And no one wants to touch GM.
 
:wall: Just make GM declare bankruptcy. Today. Fuck.
 
So wait, what happened to the ultimatum then? Is that just out the window now or what?
 
So wait, what happened to the ultimatum then? Is that just out the window now or what?

Who knows, the government sure doesn't.

beating-a-dead-horse.gif
 
Separately, the United Auto Workers (UAW) union urged its members to lobby the White House by phone or email to ensure that workers and retirees are treated fairly in negotiations at both companies on new concessions, which are considered vital for the automakers' to survive.

Fuck you pussies. You already get boat loads of benefits. A little bit of concession won't hurt you.

Greedy bastards.
 
So wait, what happened to the ultimatum then? Is that just out the window now or what?

Didn't you know? Ultimatums, like taxes, are only for those who didn't support Obama. /sarc.

Anyone who doubted me when I said that Obama would continue to bail out his union buddies, and that he's been bought and paid for by them: How do you prefer your crow served? :p
 
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So, being my hard earned money is being used to help bloat these bastards of auto industries can I walk to my local GM dealership and demand my car for only $40.00? It's only fair.

Oh that's right, Politicians don't do fair. :rolleyes:

Meet the new Boss, Same (if not worse) than the old boss...

We need some zombies to invade washington DC now.
 
So, being my hard earned money is being used to help bloat these bastards of auto industries can I walk to my local GM dealership and demand my car for only $40.00? It's only fair.

Oh that's right, Politicians don't do fair. :rolleyes:

Meet the new Boss, Same (if not worse) than the old boss...

We need some zombies to invade washington DC now.

That's the problem. We already HAVE zombies in Washington DC - have you looked at the older Senators?
 

"Taaaaaxessss..... Taaaaaaaaaaxes....... TAAAAAAAAAAXES....."

"Baaaaaaaailout...... Baaaaaaailouuuuuut.... BAAAAAAIIIIILLLLOUUUUUUT....."


Related: Accounting zombies! NSFW, strong language, minors should not view.

20081229HS.jpg


20090403HS.jpg


20090406HS.jpg
 
Or, more appropriately for that picture...
Reeeeemodelinggggg...... Reeeeeemodelingggggggg........... REEEEEMODELINGGGGGG....

Tuuuuubesssss..... Tuuuuuuuuuuubessssssss....... TUUUUUUUUUBESSSSSSSS......

:p
 
Or, more appropriately for that picture...
Reeeeemodelinggggg...... Reeeeeemodelingggggggg........... REEEEEMODELINGGGGGG....

Tuuuuubesssss..... Tuuuuuuuuuuubessssssss....... TUUUUUUUUUBESSSSSSSS......

:p

The conviction was vacated on that first one, IIRC, because it turned out the prosecutors withheld exonerating evidence, had witnesses perjure themselves, and falsified testimony and evidence.

On the other hand, he does deserve the Tubes thing. He also deserves this:

"Bridgetonowhere..... Briiiiiiiidgetonooooooowhere....... BRIIIIIIIIIDGGGGGEEEETONOOOOOOWHEREEEEEEEEEEE!"
 
So basically, because of 92,000 nitwits, most of whom don't even have a university degree, the whole nation of 300,000,000+ will get screwed...
 
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