Dec. 19 (Bloomberg) — General Motors Corp. and Chrysler LLC will get $13.4 billion in initial government loans to keep operating in exchange for a restructuring under a rescue plan announced by President George W. Bush.
The key word here is “initial.” This is only the beginning. The automakers are losing several billion dollars a month. That isn’t likely to change any time soon, under the status quo that puts ravenous unions in the driver’s seat.
Note that the one car company still controlled by a single family - Ford - has declined these Christmas gifts. The Fords have little interest in, or intention of turning their family business over to the government.
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