GM To Feds: Can You Spare A(nother) Dime?

General Motors latest move to acquire Chrysler is to lobby for Federal funds. GM doesn’t have the cash run its own operations, much less to buy Chrysler, so GM’s top exec Rick Wagoner has been in Washington meeting with key members of Congress, the Treasury Department, and U.S. Energy Department to secure $5 billion to make a deal happen. Guess that’s what happens when beleaguered industry execs get word that $700 billion is being handed out.

GM has yet to receive a penny from the $25 billion loan package that they lobbied hard for earlier this year, it was approved just a few weeks ago. Those funds are not solely for GM, so they’ll only see a portion of that some time next year if they can hang on that long. While no one knows for sure how this will end up you can be sure of one thing: Bye Bye Challenger! Watch the video for a complete recap of GM’s current situation.