Friday, May 22, 2009

More Loot Taken From Your Wallet To Pay Off United Auto Workers

White House Reportedly Prepares GM for Bankruptcy, Plays Down Possible GMAC Takeover - Presidential Politics | Political News - FOXNews.com: "Under the GM draft bankruptcy plan, the automaker would receive just under $30 billion in additional federal loans, a source told the Post, which would up the government's overall investment in the company to nearly $45 billion.

But a source with knowledge of the process and talks told FOX News there is no chance the White House Auto Task Force will 'prepare' to take GM into bankruptcy next week. The process is too massive for so quick a move and could require preparations up to the White House's imposed restructuring deadline of May 31, the source indicated.

But a large obstacle remains for GM, which must still make an agreement with investors who hold $27 billion worth of company bonds, the Post reported."

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