Back At The Trough Again

As predicted, like clockwork, Chrysler and GM are begging for another bailout.

Chrysler asks govt for $5 billion more in loans

Chrysler LLC on Tuesday told the U.S. government it needs even more taxpayer money to survive. General Motors is expected to do the same. Acknowledging that industry conditions are worse than expected when it made the case in December for a government bailout, Chrysler requested an additional $5 billion in government loans. It originally said it would need $3 billion more. The company had previously received $4 billion from the Treasury Department.

GM needs up to $30 billion in aid to avoid failure

General Motors Corp (NYSE:GM – News) said on Tuesday it could need a total of up to $30 billion in U.S. government aid — more than doubling its original aid — and would run out of cash as soon as March without new federal funding.

The request for additional aid from the top U.S. automaker came in a restructuring plan GM submitted to U.S. officials on Tuesday.

The GM restructuring plan of more than 100 pages was posted on the U.S. Treasury Web site

See also:
Chrysler Restructuring Plan for Long-Term Viability
General Motors Corporation 2009 – 2014 Restructuring Plan

Chrysler has already received $4 billion and is now asking for an additional $5 billion after originally estimating that they would need $3 billion. GM has already received $13.4 billion and is now asking for $30 billion after originally estimating that they would need $18 billion.

So, both companies are still bleeding cash like they have a severed aorta and neither company met today’s deadline to obtain concessions from the recalcitrant UAW.

See also:
Chrysler, UAW make progress in talks-source
Source: GM, UAW closing in on concession deal

Will we let these obviously insolvent and unprofitable companies fail and proceed to Chapter 11 bankruptcy to reorganize like 99.9% of the other companies that find themselves in untenable economic positions? Hell no! It’s bailout mania season in Washington, expect the Bad Business Enabler Cavalry to ride your tax dollars to the rescue! Well, actually your tax dollars were all already spent a long time ago, so they’ll have to borrow or print the money and you or your children or grandchildren will just have to pay for it all later, with interest.

Will Obama stop the craziness? Hell no, Giddy Up!

Obama to appoint panel for auto recovery

It will take more than one “car czar” to help get the embattled U.S. auto industry back on track, President Barack Obama has decided.

Instead, his administration is establishing a presidential task force to direct the restructuring of General Motors Corp. and Chrysler LLC, a senior administration official said Sunday night.

Treasury Secretary Timothy Geithner and National Economic Council Director Lawrence Summers will oversee the across-the-government panel, the official said, speaking on the condition of anonymity because no announcement has been made.

So, assume the position and prepare to bend over again for the Detroit Duo and the UAW!

/you know, I can understand bailing out the major banks, because if the international banking system fails the entire global economy will crash overnight, however, if GM and Chrysler go into Chapter 11 bankruptcy reorganization, you’ll still be able to buy a car the next day

Skull And Bones, Without The Skull . . . Or The Bones

Geronimo’s Great Grandson Asks Yale Secret Society to Return Ancestor’s Skull

It’s the stuff of legends: an elite secret society that includes what would become some of the most powerful men of the 20th century allegedly invading the grave of an Apache chief to steal his skull for fraternal rituals. It’s also the stuff of a new lawsuit filed Tuesday by descendents of that Apache chief.

On the 100th anniversary of the death of Geronimo, 20 of his blood relatives have asked the courts to force Yale University and the school’s secret organization, Skull and Bones, to release his remains for return to his native land and a proper burial.

The lawsuit also names President Obama, Defense Secretary Robert Gates and Army Secretary Pete Geren as defendants because they are responsible for maintaining Geronimo’s remains on a U.S. Army base in Oklahoma, the group said.

“I believe it’s a good cause because indigenous people over the century have been annihilated, removed from their homeland,” said Geronimo’s great grandson, Harlyn Geronimo, at a press conference in Washington, D.C.

Skull and Bones has never said whether any of Geronimo’s remains are in its possession. The descendants say they are investigating long-held claims that in 1918, members of Skull and Bones, including Prescott Bush, the father of George H.W Bush and grandfather of George W. Bush, invaded Geronimo’s grave at Ft. Sill and stole his skull, some bones and other items buried with him.

“In this lawsuit, we’re going to find out if the bones are there or not,” said the group’s lawyer, said the group’s lawyer, Ramsey Clark, who was attorney general in President Lyndon Johnson’s administration.

See also:
Is Geronimo’s skull residing at Yale’s Skull and Bones? Was it stolen from the grave by Prescott Bush?
Did Bush’s Grandfather Steal Geronimo’s Skull?
Where Are They Hiding Geronimo’s Skull?

/I guess we might finally find out, once and for all, whether this legend is a hoax or not