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Key senators reached a compromise on a $25 billion bailout of the three big US auto makers, the Detroit Free Press reported.
A draft of the compromise being worked on by Michigan Sen. Carl Levin and Sen. Christopher Bond, R-Mo., would use the $25 billion set aside by Congress in September for retooling auto plants over the next several years and lend it to auto makers immediately, the paper said..
The stunning reversal came after a plan to give $25 billion from the Wall Street bailout fund stalled in Congress and appeared dead for the year.
The stakes are high. The Detroit automakers employ nearly a quarter-million workers, and more than 730,000 other workers produce materials and parts that go into cars. About 1 million more people work in dealerships nationwide.
VOMIT INDUCING LINK (http://www.cnbc.com/id/27821366 - broken link)
I heard that they withheld the vote until the big 3 come up with a plan of how they will spend the money and become profitable again. This will be the Democrats payback to Michigan for support...how many others will be lining up for a handout.
if anybody thinks it isn't a dog and pony show all they need to do is take a look at the dow today and realize that there was a 444 point loss and the only stock gain was GM. somebody is anticipating a bailout!
The car companies have made it clear how they'll spend the money: on their overinflated multi-million dollar salaries that they won't reduce, on their private jets that they won't give up and on over-generous union benefits and pay that they won't re-negotiate. They will give up nothing, yet expect everything they ask for to be granted.
Here's the kicker: GM does not consider itself an American company; it positions itself as an international company, and most of its vehicles are now produced in other countries. I have worked on multiple projects for GM and the execs will take your head off if you call them an American company; you must refer to them as a multinational. Of course, they're probably waving that American flag now, since they're trying to nuzzle up to the only hand willing to feed them.
How is it possible that we are enabling this shameless arrogance? That we are rewarding total ineptitude? That dwindling taxpayer funds are going to companies that won't even help themselves by reining in spending, restricting bonuses and curtailing perks, like corporate jets and boondoggles? AIG, the banks and now the car companies-- where will it end? Never mind, I know where it will end-- with a dropped U.S. credit rating and foreigners refusing to carry any more of our bonds or fund any more of our debt. What I don't know is when.
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