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February 18, 2009

GM and Chrysler want a few billion more.

At Dow Jones's MarketWatch, see "GM, Chrysler request up to $39 billion in loans". The lead:

General Motors Corp. and Chrysler LLC, both drowning in debt as car sales continue to spiral downward, submitted requests to the U.S. Treasury late Tuesday that, if granted, could provide up to $39 billion in emergency loans to keep the automakers from falling into bankruptcy.

As the Wall Street Journal notes, GM also has outlined a "bankruptcy contingency" plan, which it said would require up to $100 billion in financing from Treasury should GM take the conventional Chapter 11 route. In any event, GM will also

shut five more factories on top of the closures it had already planned. In addition, it plans to eliminate thousands of dealerships and slash 47,000 jobs this year around the world, leaving it with a work force of about 200,000.

All of the above is true. WAC? has not made anything up yet today.

Posted by Holden Oliver (Kitzb├╝hel Desk) at February 18, 2009 11:48 PM

Comments

Looking at this mess is beginning to bother me more. For the longest I've been a Chevy fan and saw for so many years this company prosper. Its amazing with one bad year and it needs so much money. What happen to all the years they sold the most cars and all of its executives were on top. Its funny, finally Toyota passes them this past year and now its been all down hill. I like to know why the Japanese, Chinese and now Koreans have made a better product that gets the highest gas mileage? This is no disrespect to them, I think thats amazing, however you have to ask yourself it seems like they were looking to service our needs more than our own country. Finally, Ford makes the Fusion and gets an amazing 38mpg. These American car companies need to stop their games and service this country the right way. So my question comes up, what would our government do for the ''average joe", Nothing... we would have to struggle through the hard times. They want more money but they continue to lay off more people. This is not right and now I feel they are taking advantage of us, yes the American people. Just like all of the top corps. we need to come together as one and begin to stop these people and make them be responsible. What do you think?

Posted by: Vinny Swanda at February 18, 2009 08:55 AM

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