Looks like Government Motors wants $30B MORE of your moneys. Or is it $45B?
Don't worry, Debit Obama puts it on the taxpayers credit card so you can pay
with interest later. Who is bailing you out?
Report: GM bankruptcy expected as early as next week
General Motors Corp., which makes Chevrolet Express and GMC Savana vans in
Wentzville, Mo., is expected to file bankruptcy late next week and could get
up to $30 billion in additional federal bailout funds, according to a Friday
report in the Washington Post.
The newspaper quoted sources familiar with the discussions between GM (NYSE:
GM) and President Barack Obama's administration, and said the government is
expected to steer the automaker toward filing either late next week, or in
the first week of June.
The investment of up to $30 billion is said to be something that could
change, but at that amount it would bring the federal government's
investment in GM to nearly $45 billion. The government would have a 50
percent stake in a new, leaner, more competitive GM.
A deal to take GM into bankruptcy comes as the newspaper also quoted sources
in the industry as saying Chrysler LLC could come out of bankruptcy as early
as next week.
GM reached a deal with the United Auto Workers on Thursday for concessions
to its labor contract as part of its plan to seek deals with its union and
bondholders. The talks with bondholders are believed to be continuing.
Both GM and Chrysler have accepted billions in federal bailout funds and
have announced a combined nearly 1,900 dealerships would be cut as they trim
their dealer franchise numbers and make cuts to their work forces.