Cars and Drivers
Government Slips Another $2 Billion Into GM's (GM) Pocket
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It makes the federal government look weak. GM (GM) got another $2 billion to stay afloat while it negotiates with the UAW and creditors. Both parties have to assume that the Treasury is doing everything it can to keep the company out of Chapter 11 including pumping what may well be good money after bad.
According to Reuters, “The U.S. Treasury could lend another $3 billion to GM.” The unions and bondholders still suspect that the government does not want the No.1 US car company to go through a protracted bankruptcy which could mean more job losses at the company and its suppliers. It could also wipe out pensions and benefits for hundreds of thousands of GM retirees. Where will those people get new benefits? Probably from the government. And, of course, they are all voters.
Douglas A. McIntyre
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