Release Summary: Tough economic times have the auto industry and
society at large scrambling for answers. With little hope in the
near future of a quick fix, car makers and hard working individuals
are having to supplement their income and even their way of life.
However, there is a glimmer of gold projecting through the dark
shroud that has covered the American economy. This shiny centerpiece
comes in the form of unclaimed money.
Release Body: Edward Palonek, the founder of FoundMoney.com
may have a temporary solution for the auto industry. With General
Motors Corp. CEO Rick Wagoner saying that the automotive industry
"needs a bridge to span the financial chasm that has opened
up before us," any solution is being heard.
this sentiment in mind, Edward Palonek has uncovered money that
appears to belong to Ford, General Motors, and Chrysler. FoundMoney.com,
which specializes in finding unclaimed money and assets, believes
that an estimated $7 million could belong to the Big Three in
the auto industry.
These companies financial findings fall into what Palonek describes
on his website as the "approximately $22 billions in unclaimed
money and assets" currently being held by the government.
While the automakers in the US are looking for money to stay afloat
and save jobs, they are not collecting money that belongs to them.
connects American's with their "unfound cash" with an
average payout of around $900. When money and assets are willed
to individuals, but never collected, the government holds on to
the money. They also hold onto lost tax refunds, forgotten stocks,
displaced payroll checks, and abandoned bank accounts. Not only
do individuals have money being held by the government, but companies
do as well.
Motor Company has more than 1,300 records in the FoundMoney database
that may belong to Ford. The amount for each record is not known,
so it could be as much as $2.2 million.
General Motor Company has more than 1,500 records while Chrysler
has more than 1,200 in the database. That could lead to more than
$3 million and $1.6 million in unclaimed funds respectively.
amount of money would not be able to save the struggling companies,
which need billions of dollars to stay operational. Talks of a
government bailout for General Motor Company have risen to $4
billion to carry it through this month and $10 billion to bring
it until the end of March.
is still uncertain whether the government will pass a bill to
approve a "bailout" of the auto industry. The bill would
give the automakers the money necessary to continue operation.
Without the bailout, the Big Three in the automobile industry
would have to file for bankruptcy.
the money that Palonek has found on FoundMoney.com,
the Big Three could at least save some of the estimated 3 million
jobs that reportedly could be lost during the next few months.
The loss of these jobs would put more of a dent into an already
the economy continues its downward spiral, Ford Motor Company,
General Motors, and Chrysler could take a suggestion from Edward
Palonek and "find" some money. If the government won't
agree to a total bail out, they could at least claim what is rightfully