GimMe GimMe More GM
GM stands for GimMe!
Cha-ching! Cha-ching! Cha-ching! The auto bailout price tag just went up again.
This morning on Capitol Hill, GM asked for an extra $4 billion in immediate loans — a figure not mentioned in the restructuring plan it submitted to Congress:
Ailing General Motors on Thursday asked Congress for a second four billion dollar loan in January, in addition to an already requested immediate four billion dollar rescue payment.
General Motors Chairman and CEO Rick Wagoner made the request, a sign his firm is in deep trouble, in prepared testimony to the Senate Banking committee, as the Big Three US automakers made a fresh bid to secure a government bailout.
“Specifically we are seeking an immediate loan of four billion dollars … and a second draw of up to four billion in January,” Wagoner said.
The second payment was not mentioned in an initial restructuring plan issued by GM earlier this week.
Yesterday, I guessed the final price tag would be $70 billion by the time the bailout gets signed. I think I’m going to have to kick it up another $20 billion.
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