GM, Chrysler Close In On Deal For US Loans, Say Sources

Reuters:

DETROIT - General Motors Corp and Chrysler LLC made significant progress late Thursday on a deal to secure emergency loans as part of a U.S. government aid package, sources familiar with the talks said.

The package would demand sweeping restructuring at the troubled automakers.

Read the whole story: Reuters

Comments

[Carolab]

"Chrysler Chief Executive Bob Nardelli said last month the privately held automaker needs both taxpayer-backed loans and an alliance with one or more automakers to survive."

IOW, give us tax dollars to merge with GM and satisfy our investors or we'll destroy the economy.

[rich misty]

It goes even deeper... This is the American industrial base

Industrial base = national security

[Carolab]

No, no, I know.

[KillTheMessenger]

That "industrial base" is responsible for $500 billion in oil imports this year alone. You want to talk about national security? Then have the guts to talk about the reality of it.

[bygollymissmolly]

GM and Chrysler have not commented on the aid talks with the Bush administration which have continued over the past week after an attempt to pass legislation to support the industry failed in the U.S. Senate.
------------------
As usual, the "liberal MSM" left something out when reporting this. It should read "after an attempt to pass legislation to support the industry failed in the US Senate due to a Republican Filibuster.

Gotta give credit where credit is due.

[rich misty]

The GOP goal is only the utter demise of America and Americans, why should that be newsworthy

Drink some beer they say, try a new drug, eat some chips

[Teritt]

Too bad breweries are even being hit by the global economy. First Anheuser Busch bought Rolling Rock & closed the brewery in Latrobe. Then 'City Brewery' moves in after a year, they started brewing Sam Adams, and guess what? Yep, less beer money equals more layoffs.
http://www.thepittsburghchannel.com/money/17055078/detail.html

[alwaysthere]

Willie Horton was a Saint
Compared to these guys !!!!!!!!!!­!!!!!!!!!!­!!!!!!!!!!­!!!!!!!!!!­!!!!!!!!!!­!!!!!!!!!!­!!!!!!!!!!­!!!

Hey !!

[bascombe]

another secret deal. I'm too angry to comment any further.

[Paprikapink]

/I haven't read the article, but/ The picture looks like one of those infinite mirror images...anyone else noticing that there a high ratio of late-middle-aged, baldingish white guys in suits, usually blue, in the news lately?

[mcsurge]

Just looking at these guys makes me nausious. These guys ruined our car industry, paid themselves the most gluttonous compensation, resisted any attempts to look further than the next quarter. And here they are wanting our money. They deserve to hang. But hey, when it comes to traitors, nothing beats the gang on Wall Street. The only difference is the bunch on Wall Street are running our country now. There is no other option now but armed revolution.

[GeoLee]

Yeah and no demands on lowering the peons salaries on Wall Street. Does any one get this picture of just who is taking the hit? The regular Janes and Joes are being asked to pay for the bailout that requires them to give up their salaries and benefits while paying for the rich to keep their banks and their CEO positions and somehow Rush Limbaugh has convincd too may regular Joes not in the auto industry that this is the American way. What is wrong with this picture and why are so many here and elsewhere not complaining to high heavens in stead of criticizing the workers who have little power in deciding the directions of the company and what is being built?

[rich misty]

LOL, Rush and Snow were on the air back to back saying that taking down Saddam would bring gas prices to $1 a gallon instantly

First time in history it would have happened, war always causes energy costs to skyrocket, every time

[bygollymissmolly]

So hang them and don't give them a loan and let 3 million Americans lose their jobs.

I'm betting the deal they are making with the Bush Administration will insist that the blue collar union workers be paid no more than non union blue collar workers, but not that the white collar workers in the American industry be paid a salary equivalent to the white collar workers in the foreign plants in the USA.

Something like Chrysler shutting out the blue collar workers for a month but still continuing to pay the white collar workers.

[Bitsko]

Funny how Chrysler is owned by Cerberus Capital Management, L.P., which has assets of around $24 billion, and which refuses to "bail out" it's own company. Capitalist greed at its very finest.

[rich misty]

Bush's Free Market, and the wonderful Bush economy send you Christmas Greetings from 1930

[Danny]

Really? Boosh has finally put his finger to the wind and sensed the country's mood? Nah. PR people want Boosh to keep out 'the bailout" (5%loans!! good deals for us) during the "holiday season" for FEAR and effect.