US car giants seek $21bn funding

US car giants seek $21bn funding

news.bbc.co.uk

Troubled US carmakers GM and Chrysler have asked the US government for another $21.6bn (£15.2bn) in support, on top of the $17.4bn already received.

The auto giants also plan to axe 47,000 and 3,000 jobs respectively, as well as shedding a number of car models.

The moves form part of their drastic restructuring plans submitted to the US Treasury Department on Tuesday night.

(visit the link for the full news article)

You what????

How dare they... let them fall.. I have had enough of these big companies and banks geting bailed out by (ultimately) the tax payer.

Here is an area that needs this money far more than any gas guzling consumer product,

An extra £4.2bn a year will have to be spent on tax credits if the government is to meet its target of halving child poverty, a report warns.

The Joseph Rowntree Foundation (JRF) estimates that 2.3 million children will be in poverty in 2010, missing the 1.7 million target set in 1999.

news.bbc.co.uk...

And I can think of millions of others around the world who are jobless, homeless, hungry, starving, desperately ill.

Why is it that we feel the need to raise money through Live-Aid(8) or other events to help these people yet it on ly takes an organized 'credit crunch' to offer up billions in aid to failing 'institutions'?

World has gone mad... somebody please sort it out

news.bbc.co.uk
(visit the link for the full news article)

As soon as GM stops spending money building high-tech plants in Russia and Latin America I might consider helping them. Considering they haven't let up on those plans, they don't deserve a dime. It is a fact that we are indirectly subsidizing their outsourcing of Mfg capabilities.

What a travesty.

reply to post by ACEMANN


Look pretty direct to me...

Well the government gave foreign companies billions to move here so it only seems right. On the other hand I worked for GM for over 20 years and management has no intentions of changing they could care less if the company fails or not. About 20 years ago when bonus payouts to upper management became the norm no matter the profit level management became a big boys club and the company was secondary on a good day. Don't blame the union they can only do what their told and build what they are given.