General Motors GM Chrysler 2/18/09 - February 18, 2009

General Motors ( GM ) and Chrysler are back asking for more Government assistance tonight. This comes as no surprise, but both companies need more money to survive the current economic crisis.

General Motors ( GM ) News Highlights - 2/18/09

- GM seeks up to 16.6 billion in additional aid
- General Motors may cut around 47,000 jobs in 2009
- Will report back in March 31st, 2009 and show how they will become profitable
- Will close 5 plants by 2012
- Selling ( or shutting down ) the Hummer Unit by March 31, 2009
- GM received 13.6 billion since December and they will need at least 9.9 more ( up to 16.6 ) Yikes!!

Chrysler News Highlights - 2/18/09

- Chrysler needs an additional 5 billion after already receiving 4 billion since December
- Auto Sales continue to decline

Each company has come up with several bankruptcy scenarios but would like to avoid them at all costs. Can we afford to let them go Bk? The unemployment rate could spike up to 13% or higher.

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