I've been waiting to see how long before GM was back for more money. No one is thrilled with the idea but the economic impact is so far reaching, it's hard to let the company completely fail. Chrysler is another story. The pampered CEO Bob Nardelli is no stranger to the Hall of Shame for CEO's and it strikes me as odd to ask taxpayers to fund a company owned by one of the richest capital management firms, Cerberus Capital Management. Have they gone bust? Why not squeeze a few more billion out of them? They were all so happy with the cheap deal that they found with buying up the company so let them fork over more.
Carl Levin of Michigan said on Capitol Hill that "it is clear" more help is on the way and any assistance for General Motors and Chrysler LLC would be tied to new conditions on restructuring.
The Wall Street Journal, citing interviews with task force members, reported late on Wednesday that the panel was preparing a recommendation for more help with new strings attached.
The task force has a March 31 deadline to determine whether GM and Chrysler, controlled by Cerberus Capital Management, can be competitive and worthy of up to $22 billion in additional bailout funds.
