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GM Said to Seek Treasury Aid in Chrysler Merger Talks
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Mike Ramsey, Robert Schmidt and Greg Bensinger
Bloomberg
October 27, 2008
- A d v e r t i s e m e n t
General Motors Corp., the largest U.S. automaker, has asked the Treasury Department for financial aid to help complete a merger with Cerberus Capital Management LP’s Chrysler LLC, two people with knowledge of the matter said.
Treasury Secretary Henry Paulson would prefer any funding come from the $25 billion in low-interest loans approved last month for the auto industry to build more-efficient vehicles, not the $700 billion banking-system rescue, said the people, who asked not to be identified because the talks are private.
GM executives have asked Treasury to consider taking a stake in the Detroit-based company, said one of the people, though the government is reluctant to do so.
Federal aid may boost cash for the money-losing automakers while they await merger savings that analysts have said may take months to realize. The U.S. auto market may shrink this year to the smallest since 1993 as the credit crunch and a slowing economy crimp demand.
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October 27th, 2008 at 1:25 pm
Well if they are going to save money by merging why are we giving them money. I KNOW!!! DUHHHH! SO THAT THE EXECUTIVES OF THE COMPANY CAN LEAVE WITH LOADS OF MONEY AND MOVE ON TO DESTROY ANOTHER COMPANY.
October 27th, 2008 at 1:32 pm
There will be no rapture John…. why would this generation of hypocrites deserve to be lifted off the earth in order to escape the tribulation they must endure? What a cop-out philosophy.
Read the bible with an opened mind and you will learn the truth. Omit what the “mainstream” denominations adhere to. You can know the truth and be set free. I pray you do.
October 27th, 2008 at 1:45 pm
again, time to boycott anything daimler-chrysler-mitsubishi. WW2 all 3 of those names produced weapons on 3 different fronts, now GM too, who declared economic warfare on the US workers when they outsourced our jobs on corporate welfare to do it. the cost of transportation is now choking them, GOOD!!
October 27th, 2008 at 2:12 pm
The rapture theory stems from the counter-reformation movement and originated with Jesuit priest named Francisco Ribera. He was successful in that in less than 300 years, his view found a home
within Protestantism.
http://www.rusearching.com/lef.....istory.htm
October 27th, 2008 at 2:37 pm
Maybe it will be good to let some of the automakers die out. Like in nature the weak and deceased need to be cleansed from their society, so there is room for the new thus contributing their species and betterment of their environment, or in our case “economy”. I don’t see them making successfully cars with high gas mileage, or ever better electric like the prius. If they choose to be dominated by the oil and those in power, it’s they own fault. I’m currently saving for my future car, and I don’t discriminate, but I am also looking for quality. SO LET THE BURN!!!!!
October 27th, 2008 at 5:25 pm
The need the bailout to repay debts to the financiers of their business. Simple as that. As soon as their debts are paid they can shut down anytime. The banks they are indebted to will not allow such an action now while they have Paulson in their pocket they will milk the cow dry. That would be us..The US citizen.
October 28th, 2008 at 7:55 am
There’s only 7 days left until the elections!
Make a wise decision at the voting booths!
Vote Chuck Baldwin in 2008!
NOBama! McCain is nearly exactly like Bush!
http://www.baldwin08.com
Information provided by,
-Freedom Forever-
Tyranny, NEVER!
October 28th, 2008 at 8:13 am
The key thing to remember here is this merger is the worst idea ever!!!!!
There is too much product overlap between these 2 companies. At least 40,000 jobs would be lost when GM closes most of the Chrysler plants it doesn’t need. But wait, CHRYSLER HAS 11 BILLION DOLLARS CASH ON HAND!!!!!! (easy to confirm, check on thetruthaboutcars site or others) WHY DO THEY NEED FEDERAL MONEY TO DO THIS????????????????????
This comes down to Cerebus, the owner of Chrysler forcing GM to give it the rest of GMAC (Cerebus owns 51%, GM 49%) They will also keep Chrysler financial and combine the 2, and get tons of federal funds as TARP includes bad auto loans. GM will get Chrysler cash on hand, & a bigger share of the bailout money for automakers- now the 10 billion they are asking for too
Nissian-Renault is interested in Chrysler, that would make a much better deal as their isn’t much product overlap there, and they need Chryslers US presence.
October 28th, 2008 at 8:30 am
GM just wants Chrysler’s money and Jeep. This would probably spell the end for Walters old Company. The more they lay off is the more cars that there former employees will not by from them. The Unions really don’t care either because the ones that run them are filthy rich also!
October 28th, 2008 at 8:38 am
They wont get it because GM is actually producing things and helping Americans. Even if their cars are made of s---.