GM and Chrysler are getting another $7 Billion, keeping the UAW in its perch of power over these companies:
Detroit’s carmakers are due to submit their latest viability plans to the government later today, but already a White House source has leaked that General Motors and Chrysler will both be getting new loan funds. GM’s $4 billion loan and Chrysler’s $3 billion will bring the total amount handed out so far to $20.4 billion, $3 billion more than the $17.4 billion approved by Former President Bush last year.
GM already received $9.4 billion in two payments since December, with Chrysler receiving just one payment of $4 billion. The new loan funds, leaked to the AP by an anonymous White House official, are still only seen as temporary bandages, not adequate to stanch the bleeding at either company.
Hat tip: @Repurblican