February 18th, 2009
03:02 PM ET
5 years ago

Cafferty: More money for GM and Chrysler?

 Join the conversation on Jack's blog.
Join the conversation on Jack's blog.

Two of the Big Three American automakers are holding out their hands again for more of your taxpayer dollars.

General Motors and Chrysler say they need another $21.6 billion to stay afloat, this is in addition to the more than $17 billion they received a couple months ago. The companies have both put out plans for how they’ll restructure in order to survive. I thought they were supposed to have already done that.

GM says it will cut 47,000 more workers, close 5 more plants in North America and cut half of its brands — Saturn, Pontiac, Hummer and Saab — leaving them with only Chevrolet, Buick, Cadillac and GMC. The company also says it’s making headway in its talks with the United Auto Workers union and bondholders to find more ways to cut costs. Chrysler says it will cut another 3,000 jobs and discontinue 3 models — the Dodge Durango, PT Cruiser and Chrysler Aspen.

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