Uh, Sorry, Could You Make That Another Five Billion? Or Sixteen, Maybe?
General Motors told
the Federal government Tuesday it may need over $16 billion more to
stay afloat, bringing its total federal loans to $30 billion. Even
then, it will have to cut 47,000 jobs and close five plants. The same
day, Chrysler said it needs $5 billion more, bringing its total
bailout to $9 billion; it also announced it lost $8 billion last year.
It likewise plans to cut 3,000 jobs.
In January, the feds loaned another $1.5 billion to Chrysler Financial, ostensibly to spur new car loans, bringing the total government aid to Chrysler and General Motors financing units to $24.9 billion. At the time, Chrysler Chief Executive Thomas F. Gilman said the money would "better position us to withstand the current economic challenges until funding becomes available through more traditional commercial sources."
You mean, like making a sound product that people will buy, and managing your production and finances in such a way that you also make money? If people ran their households the way these guys run their companies,
"the current economic challenges" would have washed even more of us
overboard by now.