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On December 19, George W. Bush announced that he had approved the bailout plan, which would give loans of $17.4 billion to U.S. automakers GM and Chrysler, stating that under present economic conditions, "allowing the U.S. auto industry to collapse is not a responsible course of action."
Under terms of a $17.4 billion bailout approved by President Bush on Friday, General Motors and Chrysler have three months to turn things around. If they don't, they have to repay the loans and ...
Based on an assessment that automobile manufacturing was a critical sector of the economy providing 3 to 4 million jobs for Americans, that liquidation was imminent for two of the three major U.S. automakers, and that the break ups would devastate the U.S. economy, the U.S. government became involved in the day-to-day management decisions of ...
The report estimated that an automaker needed to sell ten small cars to make the same profit as one big vehicle, and that they had to produce small and mid-size cars profitably to succeed, something that the Detroit three have not yet done. [87] SUV sales peaked in 1999 but have not returned to that level ever since, due to higher gas prices.
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All that money had been returned. $5 billion in loan guarantees for Citigroup ($5 billion). The program closed, with no payment made, on December 23, 2009. $79.7 billion in loans and capital injections to automakers and their financing arms through the Automotive Industry Financing Program. $21.9 billion to buy "toxic" mortgage-related securities.
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