Friday, Dec 19, 2008
Anyone else need some dosh? We've got plenty!
CNC: GM and Chrysler to Receive Up to $17.4 Billion in Loans
General Motors and Chrysler will receive up to $17.4 billion in short-term loans from the US government as part of an aid package to the troubled auto industry.
President Bush announced the agreement at the White House.
CNBC.com
Big 3 Bailout
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According to details of the plan made availabl;e to CNBC.com. the package involves $13.4 billion in short-term financing from the TARP, with an additional $4 billion available in February—contingent upon drawing down the second tranche of TARP funds.
Posted by flintster1994 @ 02:13 PM (270 views) Add Comment
3 Comments
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1. drewster said...
Talking of cars for a moment, presumably the cost of new cars will be going through the roof since the devaluation of the pound. The € / £ has risen from 0.70 to 0.95 in the last year so that means a small family car will have risen from £14,000 to £19,000!
2. Henryweston said...
Why support GM and Chrysler if no one wants to buy their cars?
3. goweresque said...
This is a hospital pass from Bush to Obama. There is no way on Gods earth that the US carmakers can come up with a viable business plan by the end of March. So it will be $17bn down the drain, and the same decision will have to be made again - throw more money at them, or let them go bust. My hunch is they will copy the UK model from the 1970s and keep throwing money into the pit. In the long run it will prove to be cheaper to give every carplant employee a large cash lump sum and let the big 3 go bust than try to keep them alive on life support. But when did govts ever make rational economic decisions?