The revolving door to the give-away party has started to turn, beginning with Chrysler which, after smashing through the floor of their own "worst case scenario" is back looking for $5 billion or so. Just to tide them over, you understand.
Three top Chrysler LLC executives are to meet today with President Barack Obama's automotive task force to discuss the automaker's request for an additional $5 billion in federal aid, people familiar with the matter said.
Chief Executive Officer Robert Nardelli, Vice Chairman Tom LaSorda and Chief Financial Officer Ron Kolka will meet with the task force, the people said. Chrysler, which received $4 billion in federal loans, said Feb. 17 it needs the extra funds to avoid an "orderly wind down" of the company. The third-largest U.S. automaker said it lost $8 billion last year.
Really, at this point, should we be trying to avoid an "orderly wind down?"
The 10-member panel, led by Treasury Secretary Timothy Geithner and National Economic Council Director Lawrence Summers, has the power to force a bankruptcy filing by Chrysler or General Motors Corp. Chrysler and Detroit-based GM have received $17.4 billion in U.S. aid and are requesting as much as $21.6 billion more in low-cost federal loans.