Auto bailout - Toyota too?

Business Week

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..According to reports in Japan's local media, Toyota is in talks to borrow a little over $2 billion from the state- backed Japan Bank for International Cooperation to secure funds for its U.S. operations. Toyota, which expects to lose $3.9 billion this year, confirmed it is discussing the loan, but declined to discuss the details. If Toyota does reach a deal, it will be the first Japanese automaker to apply for assistance from the new emergency fund, which is tapping $5 billion from the Japanese government this month to lend to Japanese corporations that operate internationally...

Reply to
aat
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Reply to
johngdole

Hmmmmmmm:

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(CBS/AP) General Motors Corp. posted a $9.6 billion fourth-quarter loss and said it burned through $6.2 billion of cash in the last three months of 2008 as it fought the worst U.S. auto sales climate since 1982 and sought government loans to keep the century-old company running. The nation's biggest domestic automaker said Thursday it lost $30.9 billion for the full year. That's nearly $85 million a day, or more than $3,700 on every vehicle it sold in 2008, reports CBS News chief business correspondent Anthony Mason.

The company has received $13.4 billion in federal loans since Dec. 31 and says it needs up to $30 billion to stay out of Chapter 11 bankruptcy protection. Top GM executives were in Washington, D.C., Thursday to meet with the Obama administration's auto task force to talk about restructuring and additional loans.

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Toyota 3.9 billion lose in "one" year? I'm no mathematician or business executive but I think I can surmise who is doing worse.........;0)

Reply to
ByTor

Cheap money, can't blame them.

Reply to
Fat Moe

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