Bailout Watch 313: More Auto Industry Bailouts On Their Way!
We’ve already flagged the fact that Delphi may be lining-up at the federal bailout buffet, what with GM depending on it for its survival, and the survival of GM and Chrysler being all that matters when it comes to taxpayer trough snuffling. Our TTAC radar is picking up more blips on the domestic auto industry bailout bucks front. In a report revealing that Chrysler is having a little trouble finishing the paperwork on their $4b bonanza, Wall Street Journal writer Jeff Bennett drops this little McNugget in the middle of his piece (just below the snooze button): “Meanwhile, the Treasury Department said it will decide on a case-by-case basis whether other companies connected to the struggling automotive industry should be provided emergency aid from the $700 billion bailout pot.” So that’s not a no. Of course, that depends on the Treasury Department receiving congressional authorization for the second tranche from the aforementioned trillion dollar-ish Troubled Asset Relief Program fund. ‘Cause they already “spent”– sorry, “invested” $354b of the $350b previously authorized. Paperwork, eh? Meanwhile, what’s the WTO going to make of all this?