Quote:
Originally Posted by Matt Herring
Do you have a source that banks are using the bailout money to buy other banks? I'm not disagreeing with you...just would be surprised if that is printed anywhere.
|
http://www.nytimes.com/2008/10/25/bu.../25nocera.html
Not sure if that's an opinion article or not - so interpret at will
Quote:
Originally Posted by Matt Herring
I do agree that by bailing out failing companies we are rewarding failure...unfortunately, when 10,000 jobs and the American economy is at stake the game changes a little bit.
|
Part of that 10B was to be used as equity for layoffs, plant closing, integrating the two companies and then giving them a bit of liquidity. It costs money to lay someone off - assuming you, as the employee, want your severance pay :/
General Motors and Chrysler on the brink? - MSN Money
I imagine that's on top of the layoffs already scheduled before the 10B deal was shot down. I remember NPR reporting something about an SUV plant in WI that will kill at least 1K jobs when it closes next year - and that was reported a few weeks ago.
So how many of their 398,130 combined employees will be laid off now versus before? iono. No doubt they're hurting.