Oh and By The Way . . .

by Robert Farago

Published: May 6th, 2009

In its report on GM’s new new new new new new turnaround plan, Reuters reminds us that GM’s going to the well one more time—before it goes to the well again.

The automaker said it expected to draw another $2.6 billion from the U.S. Treasury before a June 1 deadline set by the Obama administration for it to reach agreements with all of its key stakeholders.

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4 of 9 comments

GS650G on May 06, 2009

We don't have to imagine it. They did already.

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Thalter on May 06, 2009

So are they still pretending to call it a loan, or have they finally dropped the pretense of paying the money back, like Chrysler?

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SexCpotatoes on May 06, 2009

Yes, Redbarchetta, but what if, at the end of that month, you weren't allowed to hold any assets of any monetary value? Brewster's Billions! Oh wait, you'd just buy Chrysler or something, nevermind!

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U mad scientist on May 06, 2009
The picture is from a larger slideshow that shows what a trillion dollars looks like. Imagine They had the real version of this during the aftermath of the iraq war. Tons, literally, of cash was flown by cargo plane to pay reconstruction contracts. - I bet I could stimulate the economy instead of just toss in in bon fire. This money includes payment of wages. Although the way that splits in the auto industry, we're prolly better off paying the employees directly and cutting the loss on the cars.

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