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  1. #1
    Site Administrator Rob's Avatar
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    Default GM to get $4 billion aid

    GM to get $4 billion aid

    Automotive News
    February 17, 2009 - 4:00 am ET

    WASHINGTON (Reuters) -- The U.S. government will release $4 billion in additional aid to General Motors today as planned, a White House aide said, ahead of the deadline for the automaker to submit a new survival plan.

    The aide said GM's smaller rival Chrysler LLC's request for additional aid would be treated as a new request and dealt with separately.

    GM is seeking concessions from the United Auto Workers union and creditors under the terms of its $13.4 billion federal bailout. It must submit a restructuring plan to U.S. officials on Tuesday showing how it can cut costs and pay back the loans.

    President Barack Obama has decided to launch a government task force for restructuring the U.S. auto industry instead of naming a "car czar" with sweeping powers.

    He is appointing Treasury Secretary Timothy Geithner as his "designee" for overseeing auto bailout loans and as co-head of the new high-level panel together with White House economic adviser Lawrence Summers, a senior administration official said on Sunday.

    To date, GM has received $9.4 billion in federal aid that has allowed it to stay in operation since the start of the year. It is widely expected to seek additional assistance with the restructuring plan due Tuesday.

    Chrysler, controlled by Cerberus Capital Management, has been granted $4 billion in federal and is seeking an additional $3 billion.




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  2. #2
    Pit Crew standby-V's Avatar
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    Hey Rob, where does the line start to get some of this money our government is handing out?
    Quote Originally Posted by Rob View Post
    GM to get $4 billion aid

    Automotive News
    February 17, 2009 - 4:00 am ET

    WASHINGTON (Reuters) -- The U.S. government will release $4 billion in additional aid to General Motors today as planned, a White House aide said, ahead of the deadline for the automaker to submit a new survival plan.

    The aide said GM's smaller rival Chrysler LLC's request for additional aid would be treated as a new request and dealt with separately.

    GM is seeking concessions from the United Auto Workers union and creditors under the terms of its $13.4 billion federal bailout. It must submit a restructuring plan to U.S. officials on Tuesday showing how it can cut costs and pay back the loans.

    President Barack Obama has decided to launch a government task force for restructuring the U.S. auto industry instead of naming a "car czar" with sweeping powers.

    He is appointing Treasury Secretary Timothy Geithner as his "designee" for overseeing auto bailout loans and as co-head of the new high-level panel together with White House economic adviser Lawrence Summers, a senior administration official said on Sunday.

    To date, GM has received $9.4 billion in federal aid that has allowed it to stay in operation since the start of the year. It is widely expected to seek additional assistance with the restructuring plan due Tuesday.

    Chrysler, controlled by Cerberus Capital Management, has been granted $4 billion in federal and is seeking an additional $3 billion.
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  3. #3
    Site Administrator Rob's Avatar
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    Quote Originally Posted by standby-V View Post
    Hey Rob, where does the line start to get some of this money our government is handing out?
    Not sure. But God only knows, I could use a little stimulus package.





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  4. #4
    Pit Crew standby-V's Avatar
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    Sorry we got carried away today, but that site is a real sore spot with us. I think the storm has passed.
    Don't worry the stimulus will be little.

    [Rob;7568]Not sure. But God only knows, I could use a little stimulus package. [/quote]
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  5. #5
    Pit Crew Little Woman's Avatar
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    Quote Originally Posted by Rob View Post
    GM to get $4 billion aid

    Automotive News
    February 17, 2009 - 4:00 am ET

    WASHINGTON (Reuters) -- The U.S. government will release $4 billion in additional aid to General Motors today as planned, a White House aide said, ahead of the deadline for the automaker to submit a new survival plan.

    The aide said GM's smaller rival Chrysler LLC's request for additional aid would be treated as a new request and dealt with separately.

    GM is seeking concessions from the United Auto Workers union and creditors under the terms of its $13.4 billion federal bailout. It must submit a restructuring plan to U.S. officials on Tuesday showing how it can cut costs and pay back the loans.

    President Barack Obama has decided to launch a government task force for restructuring the U.S. auto industry instead of naming a "car czar" with sweeping powers.

    He is appointing Treasury Secretary Timothy Geithner as his "designee" for overseeing auto bailout loans and as co-head of the new high-level panel together with White House economic adviser Lawrence Summers, a senior administration official said on Sunday.

    To date, GM has received $9.4 billion in federal aid that has allowed it to stay in operation since the start of the year. It is widely expected to seek additional assistance with the restructuring plan due Tuesday.

    Chrysler, controlled by Cerberus Capital Management, has been granted $4 billion in federal and is seeking an additional $3 billion.
    Didn't the government have a task force to oversee the Banks? That worked pretty well didn't it?
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  6. #6
    Pit Crew First Robin's Avatar
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    I just heard on tv tonight that ACORN is getting a big chunck of the stimulus money. What gives with this? They are a radical political group that should be behind bars. Check them out. ACORN and just see what they have been involved in and which of our elected officials used to be a big part of them. After that you will know why they are getting a big chunck of money.

  7. #7
    Pit Crew Little Woman's Avatar
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    Quote Originally Posted by First Robin View Post
    I just heard on tv tonight that ACORN is getting a big chunck of the stimulus money. What gives with this? They are a radical political group that should be behind bars. Check them out. ACORN and just see what they have been involved in and which of our elected officials used to be a big part of them. After that you will know why they are getting a big chunck of money.
    They are getting a big chunck because our President did work for the orginization. They also helped get him elected. Don't forget Chicago Politics.
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  8. #8
    Pit Crew cubby558's Avatar
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    Our Commander-in-Chief was once part of ACORN. We had them in Illinois and Northwest Indiana (Gary-Hammond area) driving around in busses picking up homeless people to go and vote. Probably wining and dining them as well.


    Quote Originally Posted by First Robin View Post
    I just heard on tv tonight that ACORN is getting a big chunck of the stimulus money. What gives with this? They are a radical political group that should be behind bars. Check them out. ACORN and just see what they have been involved in and which of our elected officials used to be a big part of them. After that you will know why they are getting a big chunck of money.


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  9. #9
    Pit Crew First Robin's Avatar
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    Quote Originally Posted by cubby558 View Post
    Our Commander-in-Chief was once part of ACORN. We had them in Illinois and Northwest Indiana (Gary-Hammond area) driving around in busses picking up homeless people to go and vote. Probably wining and dining them as well.
    You are so correct, I knew that but just didn't want to name names. I hope you all saw on tv the demonstration in front of the Colorado State Capitol yesterday. I was invited to take part but felt I needed to stay in Colorado Sprngs and go shopping for new kitchen appliances to help get the economy back on track. This kitchen remodel is getting pretty expensive, have now laid out over $30,000.00. I wonder if I can ask the government to reimburse me. I also am wondering how much it cost to bring everyone to Denver and on to Phoenix. He could have signed the bill in DC and saved a bunch of money but this again is all politics as he is trying to show Colorado is now Democrate territory instead of Republican. Lets see what happens in two years.

  10. #10
    Pit Crew standby-V's Avatar
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    Boy, we need somehting new to talk about, I'm gonna throw up
    Quote Originally Posted by First Robin View Post
    You are so correct, I knew that but just didn't want to name names. I hope you all saw on tv the demonstration in front of the Colorado State Capitol yesterday. I was invited to take part but felt I needed to stay in Colorado Sprngs and go shopping for new kitchen appliances to help get the economy back on track. This kitchen remodel is getting pretty expensive, have now laid out over $30,000.00. I wonder if I can ask the government to reimburse me. I also am wondering how much it cost to bring everyone to Denver and on to Phoenix. He could have signed the bill in DC and saved a bunch of money but this again is all politics as he is trying to show Colorado is now Democrate territory instead of Republican. Lets see what happens in two years.
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  11. #11
    Pit Crew First Robin's Avatar
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    Sorry Bobo, you must have a hairball.

  12. #12
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    Now that was good
    Quote Originally Posted by First Robin View Post
    Sorry Bobo, you must have a hairball.
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  13. #13
    mswaim
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    I did my part to stimulate the economy - I bought a new BBQ!! Anyone willing to make the trip will enjoy some nice juicy rib-eyes and some even better wine!

  14. #14
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    Quote Originally Posted by mswaim View Post
    I did my part to stimulate the economy - I bought a new BBQ!! Anyone willing to make the trip will enjoy some nice juicy rib-eyes and some even better wine!
    I am still full from the last dinner you put on for us. You know I offered to buy your old house if you would put it in writing that you would come and cook dinner for me every night. By the way, where is PD?????? Did you leave her locked up in the old house? She hasn't been on here for a long time. I need to know when she wants me to fly out and go shopping with her.

  15. #15
    mswaim
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    PD is under the weather; long-running bout with a virus that she can't shake.

    She has been forced to limit her shopping to cold medicine and Ebay items delivered to the door.......

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