On March 30, President Obama announced that the federal government would back the warranties of General Motors and Chrysler in the event of bankruptcy. When the president says the word "backing," he means cold, hard cash, and in this case the total was $641 million. But with both companies out of bankruptcy court and flush with the government cash needed to run their businesses, it is apparently time to pay the money back.There's no word on whether medical procedures sponsored by the new government healthcare administration will have warranties longer than four months.
Friday, July 24, 2009
AutoBlog.com (via Instapundit) is reporting on the end of government backed warranties for GM and Chrysler: