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February 14, 2009

The Neverending Bailout: GM Asks for More (Again)

GM and Chrysler face a Tuesday deadline for presenting a restructuring plan to the Treasury Department under the terms of the loans we (the taxpayer) already gave them. So, of course, yesterday the UAW chose to walk out of negotiations with GM about adjusting its pension regime.

Now GM is expected to tell Treasury that it needs another bailout like the last one or government debtor-in-possession financing for bankruptcy restructuring.

Treasury Department officials believe GM needs at least $5 billion more in loans to keep operating beyond the first quarter, according to the report.

While filing for bankruptcy may be the best way for GM to cut costs and revitalize, if the company chooses that option it may include politically unpalatable moves to sell off assets and cut more jobs.

$5 billion to finish out the first quarter and then what?

In the meantime, Speaker Pelosi and Barney Frank sent the ailing Big Two automakers a letter demanding that they commit to expensive "green" reforms. Here is their list of priorities: "tougher fuel economy requirements set by California and other states, protect workers' health and pension benefits and assure taxpayers of a return on their loan." One of these is not like the others.


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posted by Gabriel Malor at 09:46 PM

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