by Mark Silva and updated
Chrysler needs $5 billion more from the federal government.
And 3,000 fewer employees at its plants.
General Motors, which says it could run out of money by March without new funds from the government., needs $9.1 billion in new loans and a $7.5 billion credit line.
And it will cut 47,000 jobs and close five factories.
That's the word from ailing automakers asking the Treasury Department for another installment of federal bailout dollars.
In the process, Chrysler says it will eliminate three auto-models - without specifying which model will be going the way of the Cordoba.
The company will cut costs by $700 million.
"We believe that Chrysler LLC will be viable based on the updated assumptions contained in this submission,'' Chrysler CEO Robert Nardelli in a statement.
Congressional leaders refused to support Chrysler and General Motors with a bailout, so the administration of former President George W. Bush authorized aid as part of a broader $700-billion financial bailout of the banks and financial institutions. Ford has refrained from seeking the federal aid.
Comments
LAND OF BAILOUT OZ
(Merry Old Land of Oz)
WilliamBanzai7
Ha - ha - ha, Ho - ho - ho - And a couple of tra - la - las
That's how we laugh your cash away, In the Bailout land of Oz!
Bzz - bzz - bzz, Chirp - chirp - chirp - And a couple of La - di - das
That's how UAW misfits crick all day, In the Bailout Land of Oz!
We get up at twelve and start to work at one.
Take an hour for lunch and then at two we're done.
Jolly good fun!
Ha - ha - ha, Ho - ho - ho - And a couple of tra - la - las
That's how to piss Uncle Sam's cash away, In the Bailout Land of Oz!
Humvee here, Tahoe there, just a couple of guzzling hogs.
That's why they think its all just theirs In the Bailout Land of Oz!
Rub, rub here, Rub, rub there, Whether you're bonds are rated tin or brass
That's how we keep your covenants in good repair In the Bailout Land of Oz!
We can make a dumb and dumber style out of a Detroit 5 gallon mile.
Can you even dye the inside that lemon to match my gown? Uh-huh!
Jolly Old Bailout town!
Clip, clip here, Clip, clip there, We can take and squander more.
That certain air of misguided savoir faire, In the Land of Bailout Oz!
Ha - ha - ha - Ho - ho - ho - Ho - ho - ho - ho -
That's how we laugh taxpayer cash away In the Land of Bailout Oz!
Ha - ha - ha, Ho - ho - ho - Ha - ha - ha -ha - ha
That's how we laugh taxpayer cash away, In the Land of Bailout Oz!
Posted by: willliambanzai7 | February 18, 2009 3:19 AM