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And that’s why we’ll give Chrysler and Fiat 30 days to overcome these hurdles and reach a final agreement—and we will provide Chrysler with adequate capital to continue operating during that time. If they are able to come to a sound agreement that protects American taxpayers, we will consider lending up to $6 billion to help their plan succeed. But if they and their stakeholders are unable to reach such an agreement, and in the absence of any other viable partnership, we will not be able to justify investing additional tax dollars to keep Chrysler in business.
10 Comments on “Bailout Watch 515: President Obama’s March 30 Statement on Chrysler...”
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Don’t look for the Secret Service to be pointing fire extinguishers at the president’s pants during the press conference, even though they should.
Chapter 7 would be better. May as well be done with it, to be honest.
As I understand it Chapter 7 equals liquidation in the United States.So Mr menno, perhaps your President balks at adding 54000 to the uneployment
list.
And what if they just give Chrysler yet another 30 days?
Another thought.. They talk and talk about a quick bankruptcy that lasts a few weeks. Chrysler could just be a test. If it works, Chrysler could be out of the bankruptcy before GM goes in.
If it doesn’t work and Chrysler liquidates, Obama could just keep giving GM more and more cash so they don’t ever declare Ch. 11.
@Mikey
At the current rate, 54,000 people are newly unemployed every 65 hours.
Mikey, here in the US, we just had our federal income tax day on April 15th.
This is fresh in my mind and it still hurts my raw nerves. My 2008 income taxes would have bought a car. A nice car. Instead, they went to prop up government waste.
I get sick to my stomach each time I hear that the taxpayer (me) isn’t doing enough. Stop it already. We CANNOT AFFORD MORE BAILOUTS.
And I cannot afford to buy any car from a bailed out company.
@lw Every 65 hours?Really!I did not no that.Over eight hundred people an hour,truly frightening.
ZoomZoom – I agree about ending the bailouts but trying to get any sympathy from folks overseas about paying the low personal tax rates that we enjoy here in the US will probably not fly.
I hear you Zoom Zoom I just E filed mine{April 30} here.In 2008 I was a high paid auto worker and in Canada my taxes are obscene[free health care don’t you know LOL}
If I’m lucky and the GM pension survives. Next year I will pay half as much.My former employer has shrunk by about 6000 jobs in 2 years.
I wonder who is going to pickup the slack?
What is with the ads linked to words in the comments?