The auto industry is like the heroin-addict son of the government right now. It’s like, “If you just give me $20, I’ll never ask you for money again, I just need this one last fix and I’ll be clean,” and then it’s back banging at the door at 2 a.m., totally strung out and wanting more cash. Only instead of $20, it’s $20 billion, or $21.6 billion, according to The Wall Street Journal.
So far, GM has received $13.4 billion in U.S. loans; its plan said the company needs a total of $30 billion in aid, or $16.6 billion more than it has now. GM also said it needs at least $7.7 billion in loans from the Department of Energy to develop fuel-efficient technology. Chrysler has received $4 billion in loans and said it needs $5 billion more.
This, they say, will help them avoid bankruptcy, which could cost them up to $100 billion. You don’t want them out on the streets, do you? They promise: After this, they’ll clean up. Really this time.
GM Seeks $16.6 Billion More in U.S. Aid [WSJ]