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GM asks for another $18 billion bail-out money and plans to lay off 47,000

February 17th, 2009 · No Comments

This is unbelievable.

General Motors on Tuesday said it could need up to $30 billion from the Treasury Department to keep operating. Included in that amount is $13.4 billion the company has already received. Previously, GM had said it could need as much as $18 billion. – Source: Yahoo Finance

GM’s survival plan also calls for the cutting of a total of 47,000 jobs and the closing of five more U.S. factories.

Wasn’t the CEO of GM just presented to the congress, asked for $18 billion dollars, and had a “plan” to spend the bailout money and save the company?

Why is Rick Wagoner still the CEO?

Who is on the board of GM? What are these guys doing? Why cannot they bring in someone like Jack Welch to clean this thing up? He will do no worse than Wagoner.

In December, I published the first edition of Depression 2.0 Survival Guide. Some readers told me that I shouldn’t be using the term “depression” since we’re only in a recession.

I’m more than ever convinced that we’re in a economic depression, a major financial catastrophe that is the great depression of our generation.

Hold onto your jobs. Keep innovating and figuring out ways to create value and generate revenue. It’s going to get uglier before it gets better.

Tags: Beat Recession

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