Bailout Watch 541: Treasury Gives New Chrysler $6.6 Billion; Bailout Tally Tops $100 Billion
Bloomberg reports that the US Treasury has decided to bless post-C11 Fiat-controlled Chrysler with a $6.6 billion dowry. And just for S&G, the feds will write a check to pre-C11 GM for an “extra” $360.6 million, earmarked for its presidentially guaranteed warranty program. (That’s thanks to the Troubled Asset Relief Program, for some reason.) “The assistance brings to $19.76 billion the total that Detroit-based GM has received so far,” Bloomies tallies. Oh, and “new” Chrysler is also set to scarf an additional $350 million under a loss-sharing deal with GMAC LLC. Rounding it up a bit . . .
Add in the Department of Energy’s $25 billion retooling loans and $2 billion in Advanced Battery grants, and we’ve broken the $100 billion barrier, at $105 billion. That’s without the aforementioned warranty program or Delphi’s forthcoming bailout or the cost of the new Small Business Administration’s inventory guarantees. And the hits keep happening.
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Can I get a simple 1 million dollar bridge loan over here? When the bottom falls out of the dollar I'm going to need it to buy a loaf of bread.
GS650G: Ask for more. The Gov't's good for it. Really.
Even as a Jeep guy, I am done buying any UAW built vehicles. Never, ever again. Hopefully Chrysler will be forced to sell the Jeep brand.
Davekaybsc and tparkit...to use the vernacular 'Word!'. There's barely a day goes by there isn't evidence that the bailout money required isn't going to be more. Write the people retirement cheques, wind the damn companies up, sell them, whatever the f***. Just don't tell me some more bullshit about 'ripple effects' and 'multipliers' and God knows what else and imply that somehow, someway, it will pay off in the end.