Chrysler will close all of its factories!
Posted by Carlos C. on Wednesday, December 17th, 2008 at 6:04 pm
From December 19th to January 19th, Chrysler will close all 30 of its factories.
Breaking News…
Developing…
UPDATE 1: 970 WFLA.com
DETROIT (Reuters) - Chrysler which has over 100,000 US employees is closing it’s plants for at least one month as the company does it’s best to save money and sell off existing stock.
Earlier in the day Chrysler LLC’s finance arm has told dealers it may temporarily stop loans used by dealers to stock vehicles because the retailers pulled money from a fund that helps finance them.
Chrysler Financial Chief Executive Tom Gilman sent letters to dealers, dated Dec. 12, that asked them to refrain from withdrawing large amounts from a “cash management account” used to finance the loans, a source familiar with the letter said.
Withdrawals from the fund, which have totaled more than $1.5 billion since July, have caused a drain on Chrysler’s resources and could limit the company’s ability to offer financing to dealers to buy vehicles, according to the letter.
Chrysler Financial said in a statement that it finances 75 percent of all vehicles shipped to U.S. dealers and continues to support its dealer network with “uninterrupted” wholesale financing. The letter said about $60 million a day is being withdrawn from the account, which is “well above our historical daily advances.”
Chrysler dealers were paid a bonus if they kept money in the account.
Talk about potential bankruptcy at Chrysler, which is seeking federal loans to survive through March, has spooked dealers, who withdrew heavily from the account in the past few months.
Chrysler has asked dealers to only withdraw “what is absolutely necessary” from the fund, according to the letter.
Chrysler, which has seen sales fall 28 percent so far this year, is also facing pressure from some suppliers who were insisting on being paid in advance for goods.
Where is the TARP bailout?
UPDATE 2: General Motors will be closing 21 plants for one month and Ford will close 10 of its plants for one month.
UPDATE 3: Ford has issued a statement that it will only close plants for a scheduled two-week Christmas break. They are not closing any plants next year unless a work stoppage break was already scheduled.
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Filed Under: News & Politics
Something tells me this is the Big-3’s way of saying, “Oh yea? Won’t bail us out, huh? Well, how bout we close for a month or two and see how you like it?”
Oh baby, the war is fucking on!!! lol
EASY WAY TO MAKE SURE OBAMA NEVER GETS INAUGURATED (READ CAREFULLY):–
Since the Supreme Court has now prevented itself from acknowledging the question of whether Barack H. Obama is or is not an Article II “natural born citizen” based on the Kenyan/British citizenship of Barack Obama’s father at the time of his birth (irrespective of whether Barack Obama is deemed a “citizen” born in Hawaii or otherwise) as a prerequisite to qualifying to serve as President of the United States under the Constitution — the Court having done so three times and counting, first before the Nov 4 general election and twice before the Dec 15 vote of the College of Electors — it would seem appropriate, if not necessary, for all Executive Branch departments and agencies to secure advance formal advice from the United States Department of Justice Office of Legal Counsel as to how to respond to expected inquiries from federal employees who are pledged to “support and defend the Constitution of the United States” as to whether they are governed by laws, regulations, orders and directives issued under Mr. Obama during such periods that said employees, by the weight of existing legal authority and prior to a decision by the Supreme Court, believe in good faith that Mr. Obama is not an Article II “natural born citizen”.