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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 ...
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. [88] SUV sales peaked in 1999 but have not returned to that level ever since, due to higher gas prices.
Automakers are fearful of being tagged as seeking a new government bailout so soon after the 2009 government-funded auto restructurings. Detroit has not sought industry-specific assistance ...
AIG received an $85 billion emergency loan in September 2008 from the Federal Reserve. [13] which AIG wais expected to repay by gradually selling off its assets. [14] In exchange, the federal government acquired a 79.9% equity stake in AIG. [14] Washington Mutual (WaMu) was seized in September 2008 by the US Office of Thrift Supervision (OTS). [15]
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The loan program was authorized under section 136 of the Energy Independence and Security Act of 2007, which provided the program with $25 billion in loan authority, supported by a $7.5 billion appropriation to fund the credit subsidy, or the 30% risk profile expected for projects of this type. To qualify, automakers and eligible component ...
(Bloomberg Opinion) -- Small businesses are in trouble. As the coronavirus spreads and more states close up restaurants, cafes, theaters, clothing stores, beauty salons and similar shops, small ...