End The Bailouts
This time from Chrysler and GM (again).
NEW YORK/DETROIT, Oct 27 (Reuters) – General Motors Corp (GM.N: Quote, Profile, Research, Stock Buzz) and Cerberus Capital Management have asked the U.S. government for around $10 billion in an unprecedented rescue package to support a merger between GM and Chrysler LLC, two sources with direct knowledge of the talks said on Monday.
The government funding would include roughly $3 billion in exchange for preferred stock in a merged automaker, according to one of the sources, who was not authorized to discuss the matter publicly.
Read the full story here.
This needs to stop. The slippery slope has become a waterslide.
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