Feb. 18th, 2009 | 08:33 am
WASHINGTON “The U.S. government will release $4 billion in additional aid to General Motors Corp (GM.N) on Tuesday as planned, a White House aide said on Monday, 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. THIS DESPITE THE FACT THAT THE UAW HAS FAILED TO MAKE ANY CONCESSION!
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”. SOURCE:WMMB NEWS 1350 AND 1240
General Motors and Chrysler will pick up the second installment of their federal loans today, even as the Treasury Department begins to review the two automakers’ restructuring plans, also to be submitted today. The plans are supposed to outline how they intend to again become viable and repay the government loans.
GM already has received $9.4 billion in government loans and Chrysler $4 billion. Under the loan agreement, GM will receive another $4 billion and Chrysler an additional $3 billion today, said an Obama administration official, speaking on condition of anonymity because he was not authorized to discuss the payments. The second installment of loan payments had been expected.
General Motors Corp. says it is making progress Monday in concession talks with debtholders and its main union, but deals may not come until after the deadline passes, according to people briefed on the situation.But I doubt any substantive concessions will be made since they are getting the money before the details of their mandated by Congress plan is finalized. Kind of like the Senate passing the stimulus(?) Bill before any Senator had time to read it!
But the one concession that the “stimulus” bill made was to further the cause of ridding the USA of unproductive citizens, as this quote from the PatriotPost illustrates.
“No one should be surprised at the coming embrace of euthanasia. After the Supreme Court deprived the unborn of their right to live by declaring them nonpersons, it was only a matter of time before other categories of human life deemed to be inconvenient or unwanted would also face extermination in order to benefit the government, the healthy and the wealthy, who prefer not to be disturbed in their pursuit of pleasure, personal peace and affluence”.
“Euthanasia will not originate with your beloved grandmother or parents. It will start in a public hospital with a 100-year-old woman who has multiple health problems and “wants” to die so as not to “burden” anyone. Public opinion polls will determine that a majority favor letting — even helping — the old girl die”.
As Thomas Sowell said so perfectly today; “There is far more to fear from this administration than its amateurism in governing. The urgency with which it has rushed through a monumental spending bill, whose actual spending will not be completed even after 2010, ought to set off alarm bells among those who are not in thrall to the euphoria of Obama’s presidency”.