First, Ford asked for $ 9 billion.
Then, General Motors said it needs $ 18 billion to survive.
Now, Chrysler is taking it’s turn at the trough:
WASHINGTON – Chrysler LLC told Congress today it needed a $7-billion loan before the end of the month, saying its plan assumed some kind of industry consolidation as a condition for viability.
The request raises the stakes for Detroit with Congress, as General Motors Corp. said it would need $4 billion before the end of the year. Both say that without such loans, they will fall below the minimum levels of cash needed to keep their businesses running.
In its filing, Chrysler says it would begin paying back the loan by 2012, and that its turnaround plan would make it viable. It also says it is paying Chairman and Chief Executive Bob Nardelli $1 a year.
“Chrysler believes that participating in the restoration of the company’s long-term viability without a bankruptcy filing significantly improves the outcome for all constituents,” the company said.
That’s a total of $ 34 billion that the auto makers say they need to survive.
It’s a sucker’s bet if you ask me.
December 8th, 2008 at 4:57 pm
[...] thing is, though, now that they’ve signed on to the idea of taking public money and accepting public oversight of nearly all significant business decisions, the Detroit Big Three [...]
December 20th, 2008 at 2:25 am
Absolutely agree, I wouldn’t give them a dime.