Posted on 03/19/2009 9:40:36 AM PDT by Abathar
WASHINGTON -- The Obama administration plans to provide $5 billion to troubled auto suppliers who are linked to Detroit's automakers, The Associated Press said.
Three officials with knowledge of the plan spoke anonymously to the AP on Thursday because the official announcement has not been made.
The $5 billion comes from the government's Troubled Assets Relief Program, or TARP.
The administration would create a financing facility to provide funds for auto parts that large suppliers shipped to the Big Three automakers but haven't been paid for, said a congressional aide who was briefed on the plan.
(Excerpt) Read more at theindychannel.com ...
*sigh*
“Troubled Assets Relief Program, or TARP.”
Self censor, banning language used.
Thanks again.
Everyone in the office turned to look at me when I burst out a very bad word after reading that headline.
Well, this affects union and non-union plants equally. I guess this explains the skyrocketing of my companies’ stock price now. (From around $1.60 a few days ago to... sheesh, over $4 now...)
Why 5,000,000,000 Exactly ?
A proper estimate, Line item submission, Detailed Summary would more likely come up with numbers like...4,381,144,012.00
THEN you could round it up to 4.382,000,000 AND one would think some thought and detail went into the Process.
5 Billion is NOT a well thought out number.....Its a SWAG number !
What I’d like to know is who knew this was going to happen and when. Our stock prices (TRW) have been rising 20-30% each the last few days, way outside market norms, without a blip on the radar as far as mainstream news is concerned. Someone knew something and was taking advantage of it.
I wonder if union shops get a preference over receiving the cash or it’s done by some other method.
Stupid question, I bet 2 to 1 non-union shops don’t see a penny of this.
TRW isn’t union?
Some sites are (mine is not).
Maybe we can get my Delphi retiree healthcare back.
Oh wait, we’re salaried not UAW.
Union shops and ACORN to make bumper stickers
I’ve got a few Guide guys in my IT department.
They got shafted by Guide, when it was revealed that they didn’t really have a GM retirement plan, but were part of the Delphi plan.
Guys with 28 years lost all medical and the pension isn’t worth spit.
The UAW workers, got everything specified in their plan.
Well, shazam! Guess what, now we're also bailing out the suppliers.
Dare I ask how many of the suppliers are unionized? Is this just another union payoff, by chance?
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