Interest Rate Roundup

Thursday, May 21, 2009

The bailout list just keeps getting longer

Sigh. It just keeps getting longer. I'm talking about the bailout list, of course. It looks like the Pension Benefit Guaranty Corp., or PBGC, is going to need a bailout due to its ever-deepening deficit. The agency's deficit is up to $33.5 billion, triple the level just six months earlier. And huge new obligations could be piled onto its books thanks to the Chrysler bankruptcy and the potential bankruptcy at GM. You can read more at the Washington Post.

Meanwhile, GMAC is going to pony up to the bar for another $7.5 billion in aid, according to the New York Times. That comes on top of $5 billion already shoveled into the giant real estate and auto financing lender. Doesn't anybody fail any more? Don't any American businesses actually survive on their own merits, not taxpayer money?


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