Suppliers Seek Bailout. Again. Still.
Published: June 9th, 2009
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The Original Equipment Suppliers Association is requesting an additional $8-$10 billion in TARP money, reports Automotive News [sub]. Because the first round worked so well. But two factors nearly guarantee that the request will be approved: first, the recent announcement that ten banks will be able to pay back some $68 billion in TARP money and second, the forthcoming resumption of production at GM and Chrysler when they emerge from bankruptcy. Oh yeah, and the fact that practically no TARP requests have been denied so far.
More by Edward Niedermeyer
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Can I haz bailout too... pixarwolf Industries respectfully asks for TARP funds as I am financing a 2006 Chevrolet Cobalt that is out of warranty- I still have payments to make but I am on my second engine and transmission and looking at replacing them again - at current market prices this will be at least $10,000.00 - with parts/labor/rental car - oh and I still have payments to make. Help Uncle Sam I needz bailout. or else I'll go bust-and the economy will suffer; and babies will go hungry everywhere...
If pixarwolf is getting a Bailout where is my bailout? I need more then $10,000, I am too big to fail, I'm going to need 5 more zeros added to that number. My bank(account) is failing and I need bailout money so the financial system doesn't collapse and it might lead to job losses. My employees(kids) will suffer without bailouts and I might have to stop paying them, which will surely lead to civil unrest. What about the jobs jobs jobs, and saving the children! How about an "Ex-GM customers who were burned by their products(literally and figuratively) bailout" we are the ones who have really suffered.
The banks are paying back all the bailout funds fast enough to make your head spin, BECAUSE the funds come with management pay limits/caps. There, article complete.
Can anyone name any suppliers that have collected any monies from the original $5 Billion the Feds provided GM and Chrysler to put in the kitty? Nope...you can't because no one has for many reasons, chiefly as mentioned by SexCpotatoes above...