WASHINGTON - The Treasury Department opened a $5 billion financing support program yesterday to help auto suppliers keep parts flowing to General Motors Corp. and Chrysler LLC as they try to rebound with billions in government aid.
Also see: Another Auto Bailout
The program, first revealed last month, will provide government guarantees for the financing of auto parts that have been shipped to the Detroit carmakers but have not yet been paid for.
That's means YOU are guaranteeing it taxpayers!!!
You know what day it is, right? How much of that going to GM?
The funds will be made available from the government's Troubled Assets Relief Program, or TARP, in a financial entity similar to a revolving credit.
Or wherever....
And even after getting that handout, they are still going bankrupt so you just lost over $30 billion, taxpayers!
"GM preparing for bankruptcy; US says it must be ready, just in case" by Micheline Maynard and Michael J. de la Merced, New York Times | April 13, 2009
DETROIT - .... One plan under consideration would create a new company that would buy the "good" assets of GM almost immediately after the carmaker files for bankruptcy protection.
See: Taxpayer Bailouts Never End
Screwed again, taxpayers!
Less desirable assets, including unwanted brands, factories, and healthcare obligations, would be left in the old company, which could be liquidated over several years.
Related: Trillion Dollar Toxin Brings Wall Street to Life
Treasury officials are examining one potential outcome in which the "good GM" enters and exits bankruptcy protection in as little as two weeks, using $5 billion to $7 billion in federal financing, a person who had been briefed on the prospect said last week.
The rest of GM may require as much as $70 billion in government financing, and possibly more, to resolve the healthcare obligations and the liquidation of the factories, according to legal experts and federal officials....
I heard $90 BILLION.
Shut off the counter!!!!!!
