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Ted Turner:“I’ve never asked for a bailout. Where does it end?” Big Three ask for $25 bil. Market’s bailout doubts
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Time: “What did you think of the $700 billion bailout plan?”
Turner: “When I was running CNN we never had any money and I never asked for a bailout. Where does it end? AIG, you know, they need $40 billion more and we only gave them a hundred billion last week, didn't we? It's just ridiculous. And now General Motors. They said we're going to give them $25 billion to retool. Retool what? They'll run through that money so fast they'll be back wanting more. We can't keep every loser alive.”
Wall Street sputters on weak data, bailout doubts
NEW YORK: Wall Street stocks struggled to overcome early losses Thursday as a big rise in unemployment claims and a surprising jump in the US trade
deficit dampened hopes for a quick economic recovery.
The market also was cautious about the fate of a 15-billion-dollar rescue plan for the troubled US auto industry, which passed the House of Representatives but could face a tougher time in the Senate.
Big Three auto CEOs flew private jets to ask for taxpayer money
(CNN) -- Some lawmakers lashed out at the CEOs of the Big Three auto companies Wednesday for flying private jets to Washington to request taxpayer bailout money. Chrysler CEO Robert Nardelli, left, and Ford CEO Alan Mulally testify on Capitol Hill on Wednesday.
"There is a delicious irony in seeing private luxury jets flying into Washington, D.C., and people coming off of them with tin cups in their hand, saying that they're going to be trimming down and streamlining their businesses," Rep. Gary Ackerman, D-New York, told the chief executive officers of Ford, Chrysler and General Motors at a hearing of the House Financial Services Committee.
"It's almost like seeing a guy show up at the soup kitchen in high hat and tuxedo. It kind of makes you a little bit suspicious." He added, "couldn't you all have downgraded to first class or jet-pooled or something to get here? It would have at least sent a message that you do get it."
The executives -- Alan Mulally of Ford, Robert Nardelli of Chrysler and Richard Wagoner of GM -- were seeking support for a $25 billion loan package. Later Wednesday, Senate Majority Leader Harry Reid reversed plans to hold a test vote on the measure.
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Photos courtesy of Chip Somodevilla / Getty, Ahn Young-joon, Jack & Jill Politics, and AP
Original Source: Time, Economic Times, and CNN
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Hi, hope the bailout is not the solution to all the major problem, infact the company should try one or another way to make their business or try out some other industry on the base of their goodwill.
Mutuo prima casa
It's beginning to feel a lot like Alice In Wonderland, as the absurdity of what is happening in Washington, and within the boardrooms of corporate America, reaches new heights.
And the tragedy of it all is the undercurrent of blackmail that exists within each of these nightmares - they're too big to fail, too many will lose their jobs, the economy will suffer - and all because of a total lack of insight and leadership. Tis a sad day in America!
From http://newsobama.org/?q=story/going-to-dc-a-bailout-take-private-jet
"Author: CPL
Are corporations totally DERANGED? This does not make sense to me. If you need money to bail out your company, traveling on the private jet and continuing to collect multi million-dollar salaries, is NOT THE WAY TO GO."