Bailout Watch 505: U.S. Treasury Amassing $40 Billion Post-C11 Bailout Fund
The Globe and Mail reports that the Canadian government is negotiating (with whom?) to provide $6 billion in post-bankruptcy financing to Chrysler and GM. It gets worse/better. The six bil represents a fixed percentage of a larger post-bankruptcy fund, currently under construction over at the US Treasury. That would be 15 percent. Which puts the size of the US fund at $40 billion. A pittance, apparently. “The companies had initially proposed that governments lend or guarantee a staggering $125 billion in bridge or long-term loans, but the number was whittled down over months of difficult negotiations led largely by Treasury officials in Washington. In recent weeks, sources said, talks shifted to a plan for the governments to provide financing and guarantees for debtor-in-possession, or DIP, loans. These are used for day-to-day operations while companies restructure their debt under the protection of court supervision.”
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You see folks,the Ont.Premier looked out his window today,and saw 15000 pensioners on his front lawn.Hourly/Salary union and non union.Lets not forget that us old folks vote! Find me a political leader willing to piss off seniors,and I will show you a soon to be,a former leader.
mikey : I have no use for Dalton McGuinty (spineless jellyfish comes to mind) and you're right: old people are crotchety and like to bitch and vote en masse. The problem is - for them at least - who are they going to vote for if not the Liberals? Sure, they can go back to the NDP (for you American readers - these are real liberals) but all that would do is raise their minority position a few percentage points and the Conservatives (who actually aren't really conservative, despite the name; but at least they're not religious wackos)and the Liberals would take turns sharing power.
audience: "how bankrupt are we?!"