That $25 Billion in Loans America’s “Big Three” Automakers Had Sought … It’s Now $34 Billion
Contrarian Profits (December 4th, 2008) Writes:
The U.S. “Big Three” of General Motors Corp. (GM), Ford Motor Co. (F), and Chrysler Corp. submitted their turnaround plans to Congress yesterday (Tuesday), hoping for approval of a massive loan package they say is central to their survival.
And while the plans include such politically palatable moves as salary cuts for top-tier executives, the sale of cushy corporate jets and the elimination of moribund brands, the three embattled U.S. automakers are also now seeking government aid of as much as $34 billion – which is as much as $9 billion more than the $25 billion figure that’s been on the table from the very beginning of the industry’s bid for bailout money.
Here’s the breakdown:
General Motors, the largest domestic automaker, said late yesterday that it is seeking as much as $18 billion to survive into 2010 – and that it needs $4 billion of that ...Alan Mulally;, America, battery-powered retail sedan;, bloomberg, Bloomberg Television, bush administration, California, car, Carl Levin, Cerberus Capital Management LP, Chrysler Corp., Congress, contrarian profits, Daimler AG, Dearborn;, Detroit, Dow Jones, Ed Garsten;, Firebird;, Ford Motor Co, Frederick A. "Fritz" Henderson, fuel-efficient technologies;, General Motors Corp, GTO;, honest accounting, Market Commentary, Michigan, Nancy Pelosi, New Year's Day, private equity group;, Reuters, Richard Wagoner;, Robert "Bob" Nardelli;, Ron Gettelfinger, Sweden, Swedish Government, The Detroit Free Press;, Toyota Motor Corp., U.S. Treasury Department, UAW;, United States, USD, Volvo Car Corp.;, Washington, Washington DC


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