Market Guardian updates on Chrysler’s viability plan.
Chrysler asks for More $$$$
Yep you guessed it. Chrysler just submitted an update on its viability plan to the U.S. Treasury, asking for an additional $2 billion in loans and cutting its industry sales target for 2009 to 10.1 million cars and trucks. This is additional to the 4 Billion they already have received from the Government. They are saying they will cut costs for 2009, ya right!
Chrysler is a privately held company for god sakes. If the parent company knows they can’t survive and won’t dump any more money into them, why the hell should the taxpayers? How much would it cost us to take over their retirement obligations? It has to be less than $6 billion, plus interest! If the Government would just say “Hell no”, they would have to fire sale the inventory of vehicles they have now. That would attract buyers. Everything needs to reprice lower to levels people can afford.
Stick a fork in em gang, Chrysler is done!!
GM, Chrysler seek more gov’t aid, to cut more jobs
By Tom Krisher and Ken Thomas, AP
