Not even pretending anymore


Watching American auto companies scramble for scraps from the bailout table
Obviously GM and Chrysler have written off the free market.

General Motors and Cerberus Capital Management have asked the U.S. government for roughly $10 billion in an unprecedented rescue package to support a merger between GM and Chrysler, two sources with direct knowledge of the talks said on Monday.

The government funding would include roughly $3 billion in exchange for preferred stock in the merged automaker, according to one of the sources, who was not authorized to discuss the matter publicly.

I wonder if it occurred to anyone in the companies that if the companies couldn't raise the funding, maybe just maybe, the merger shouldn't happen?

Yep, it's the dawn of a new day. No more going to those pesky lenders. No more listening to those bothersome stockholders.

Now the Federal government has become the lender of first resort.

Screw the taxpayer, it's for the good of the country.

— NeoWayland

Posted: Wed - October 29, 2008 at 01:17 PM  Tag


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