Tuesday, December 9, 2008
GM this year: 1st Qtr Loss $3.3 billion
2nd Qtr Loss $15.5 billion
Without Government assistance, top officials said, the company qould run out of cash to operate early in 2009.
Ford this Year 1st half loss $8.6 billion
3rd Qtr loss $2.9 billion
Chrysler this year sales have fallen 25%
Their request: called for $34 billion in federal loans to ward off bankruptcy - sales continued to plunge in November dropping 37% for Ford, 41% for GM and 47% for Chrysler.
However the US administration is considering loaning the auto makers $15 billion.
Would you loan money to someone who is going bankrupt? If you would, would you loan them less than half they need to stave off bankruptcy?