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Bailout for GM, Ford and Chrysler?

Tuesday, December 09, 2008

Hmm... how 'bout this? GM, Chrysler and Ford Motor have been asking for loans to help them survive until 2010, when some cost cuts and labor contract savings kick in that could help the Big Three eventually return to profitability. The companies could get a total of $15 billion in federal loans as soon as Dec. 15!

In a statement, GM said it is plea$ed lawmakers are working on a bill that would give the industry immediate assistance. "Million$ of job$, America'$ manufacturing ba$e and future competitivene$$ hang in the balance and we urge quick pa$$age of thi$ bill," the statement said.

GM and Chrysler have warned that they could soon run out of the cash they need for operations without assistance from the government. Ford has said it has enough cash on hand for now and may not need the federal help but that it would still like the funds to be available as a backstop.

I dunno how this massive bailout is gonna help! I reckon, these automakers had it coming. Back in 2006, GM CEO Rick Wagoner earned $9.3 million in salary and bonus, nearly double what he earned in 2005.

Also, Ford's CEO, Alan Mulally, got $27.8 million in salary and bonus in his first few months on the job, including an $18.5 million signing bonus! They have ample chance to cut cost and make changes but nothing was done. No wonder they are in trouble today! I doubt the bailout is gonna help... comic below sums everything up!

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posted by Ivan Choe, 9:16 pm

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