GM and Chrysler have made it clear that they need $21.6 billion in federal loans to stay afloat, in addition to the bailout money they have already received. They have also released detailed plans in which they cut 50,000 jobs, close several plants, and drop some of their weaker brands. Experts say this request for more money is no surprise. continue reading...
The big carmakers will be begging Congress for a $50B loan, this immediately after the Government takes over control of Fannie Mae and Freddie Mac, the two mortgage giants who account for about 9 mortgages out of 10 in the USA.
Read more about the carmakers plea: continue reading...
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