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The Emergency Economic Stabilization Act of 2008, also known as the "bank bailout of 2008" or the "Wall Street bailout", was a United States federal law enacted during the Great Recession, which created federal programs to "bail out" failing financial institutions and banks.
On November 19, 2008, there was a United States Senate hearing on the automotive crisis in the presence of the heads of Chrysler, Ford and General Motors. The auto manufacturers explained that they would need financial aid of $25 billion if they were to avoid bankruptcy. The Senate was divided on the issue.
[35] Neil Barofsky, an Assistant United States Attorney for the Southern District of New York, was nominated to be the first Special Inspector General for the Troubled Asset Relief Program (SIGTARP). He was confirmed by the Senate on December 8, 2008, and was sworn into office on December 15, 2008. He stepped down from the post on March 30 ...
You may not like the bailout bill that passed during the dark days of 2008. ... the representatives and senators who voted for its passage. All votes. On this day in economic and legislative ...
General Motors Corp. (GM) and Chrysler have received $17.4 billion in U.S. funds (so far), which they received only after much congressional teeth gnashing. Meanwhile, American International Group ...
The Emergency Economic Stabilization Act created the Troubled Asset Relief Program to administer up to $700 billion. Several oversight mechanisms are established by the bill, including the Congressional Oversight Panel, the Special Inspector General for TARP (SIGTARP), the Financial Stability Oversight Board, and additional requirements for the Government Accountability Office (GAO) and the ...
In September 2008, the Big Three asked for $50 billion to pay for health care expenses and avoid bankruptcy and ensuing layoffs, and Congress worked out a $25 billion loan. [93] By December, President Bush had agreed to an emergency bailout of $17.4 billion to be distributed by the next administration in January and February. [94]
Last year was one for the record books at General Motors (GM): 2011 was the most profitable year in the company's 103-year history. ... 800-290-4726 more ways to reach us. Sign in.