GM Gets $2 Billion More
As we say, another day, another bailout. The Treasury disclosed today that it had loaned out an additional $2 billion to General Motors, bringing GM's grand total to $16.83 billion. This is money to keep GM up and running while it nears its June 1 deadline. At that point, GM will either have restructured and proven to the administration that it can remain viable or face bankruptcy.
This seems unlikely to be the last time GM returns for more -- the company has sought as much as $5 billion in additional loans (which would bring its total close to $20 billion).
This article is part of an ongoing investigation:
As big banks return their TARP money, Fannie Mae and Freddie Mac continue to be a drain.
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