Chrysler and GM

[retiredweaxman]

NONNO, BEAVER and everyone else that voted for change!!!

Let me see if I have this straight.

April has 30 days. Today is the 21st. That leaves 9 days left in this month.

DETROIT – General Motors Corp. could get as much as $5 billion more in federal loans, while Chrysler LLC could get $500 million as they race against government-imposed deadlines to restructure, according to a government report filed Tuesday.

The quarterly report by a special inspector general on the auto industry and bank bailout programs says the money will be made available for working capital. GM has until June 1 to complete restructuring plans that satisfy the government's auto task force, while Chrysler has until April 30.

A person briefed on the plans said Tuesday that the exact amount of the loans have not been finalized and will be worked out with the companies. The person asked not to be identified because the negotiations are confidential.

GM already has received $13.4 billion in government loans, while Chrysler has received $4 billion.

The government's auto task force rejected both companies' restructuring plans on March 30 and gave Chrysler until the end of April to make further cuts and take on a partner or face liquidation. If GM doesn't meet its deadline, it will be forced to restructure under bankruptcy protection.

GM CEO Fritz Henderson said last week that the automaker would need $4.6 billion during the second quarter. A Chrysler spokeswoman said only that the company has not received any more money beyond the initial $4 billion.

The inspector general's report filed Tuesday says that as of March 31, the Treasury Department had spent $24.8 billion for the Auto Industry Financing Program, out of a projected initial total of $25 billion. The money includes aid to Chrysler and GM, plus their financial arms, Chrysler Financial and GMAC Financial Services.

The Treasury also has estimated that it will spend up to $1.25 billion to guarantee warranties for people who buy Chrysler or GM vehicles during the restructuring period. The program is designed to reassure consumers that their warranties will be honored, according to the report, which was prepared for Congress.


GM, Chrysler to get $5.5B more in government loans

So, Chrysler may be going bye bye at the end of the month via liquidation if it does not meet reuirements and get help from Fiat and WE GAVE THEM 500 MILLION MORE DOLLARS TODAY!!!

Please, someone - anyone, please tell me Chrysler does not spend 500 million in a week and a half!!!!

Sounds to me like the money is going into people's wallets as they preapre to lose their company!!!

At least GM stands a fighting chance if they have to file for bankruptcy. Chrysler is not being given that option...meet requirements and get a partner or face liquidation...and we gave them HALF A BILLION MORE!!!!!

UNFREAKINGBELIEVABLE!!!!!!!!

[Tilted]

I'm not sure about financial specifics for Chrysler - they are not publicly traded and I've never read a 10-Q from them. However, GM lost over $100 million per day during the last three months of 2008. Lost book value and cash burn are a little different, but their cash burn amounted to almost $70 million a day.

So, I don't have any problem believing that Chrysler will burn $500 million in cash in a period of a week and a half.

Originally Posted by retiredweaxman

NONNO, BEAVER and everyone else that voted for change!!!

Originally Posted by retiredweaxman

So, Chrysler may be going bye bye at the end of the month via liquidation if it does not meet reuirements and get help from Fiat and WE GAVE THEM 500 MILLION MORE DOLLARS TODAY!!!

Please, someone - anyone, please tell me Chrysler does not spend 500 million in a week and a half!!!!

Sounds to me like the money is going into people's wallets as they preapre to lose their company!!!

At least GM stands a fighting chance if they have to file for bankruptcy. Chrysler is not being given that option...meet requirements and get a partner or face liquidation...and we gave them HALF A BILLION MORE!!!!!

UNFREAKINGBELIEVABLE!!!!!!!!

They have options. They don't have to obey the government-imposed mandate to restructure - they just don't get the money.

[retiredweaxman]

Originally Posted by Beaver-Cleaver

They have options. They don't have to obey the government-imposed mandate to restructure - they just don't get the money.

OK, so they do not restructure and the Gov't does not give them money. Chrysler has already proven they can not make money even when the Gov't GIVES them money and you think they can make money when the Gov't does not help them out?

You aren't that much of a simpleton - are you???

By the way, when are you buying a Chrysler car - or are you too young to drive??

[jetmonkey]

Why don't they give money to companies that make products people want? This seems totally backwards. You make ####ty products that no one likes. Here is a pile of money so you can keep making them.

[itsbob (Premo)]

Originally Posted by retiredweaxman

OK, so they do not restructure and the Gov't does not give them money. Chrysler has already proven they can not make money even when the Gov't GIVES them money and you think they can make money when the Gov't does not help them out?

You aren't that much of a simpleton - are you???

By the way, when are you buying a Chrysler car - or are you too young to drive??

We didn't help Yugo stay in business, why should we even be able to buy a Chrysler still..

You make crap you're SUPPOSED to go out of business.

[MMDad (Premo)]

Originally Posted by retiredweaxman

You aren't that much of a simpleton - are you???

Yes, he is. He gets all of his news from MSNBC, he gets moist over Olbermann, and he voted for "change."

Do you need any more proof?

[retiredweaxman]

Originally Posted by MMDad

Yes, he is. He gets all of his news from MSNBC, he gets moist over Olbermann, and he voted for "change."

Do you need any more proof?

Truer words were never spoken!!!

ITSBOB - I agree. Make crap and you go out of business. No need for the Gov't to WASTE OUR MONEY bailing out a failure.

BEAVER - last week, you were complaining about your tax money being wasted for the ball stadium. I proved to you that 125 bucks was all it cost you to support something that COULD benefit you and your communityof a car company. How much do you think it is going to cost you to bail out a failure??? And you are ok with this???

Originally Posted by retiredweaxman

OK, so they do not restructure and the Gov't does not give them money. Chrysler has already proven they can not make money even when the Gov't GIVES them money and you think they can make money when the Gov't does not help them out?

You aren't that much of a simpleton - are you???

By the way, when are you buying a Chrysler car - or are you too young to drive??

I have a Pontiac.

Originally Posted by retiredweaxman

BEAVER - last week, you were complaining about your tax money being wasted for the ball stadium. I proved to you that 125 bucks was all it cost you to support something that COULD benefit you and your communityof a car company. How much do you think it is going to cost you to bail out a failure??? And you are ok with this???

No, I'm not ok with it. I've been complaining about the bailouts since they started.