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According to an April 2014 report of the Special Inspector General of the Troubled Asset Relief Program, the U.S. government had lost $11.2 billion (~$14.2 billion in 2023) in its rescue of General Motors. The U.S. government spent $50 billion to bail out GM, meaning it recovered 77.6 percent of its investment amount. [7]
In Dec 2008, Congress declined to authorize the Auto industry bailout bill. [1] The defendant (U.S. Government) asked to allow the bankruptcy plan to proceed, noting that the needs of the economy outweigh the needs of the deal's detractors. Government lawyers defended the use of funds from TARP and argued that Indiana's appeal lacked legal merit.
The auto industry is a key component of the U.S. economy. Economists used 2007–2008 data to build estimates of what a shutdown would cost in summer 2008, in order to set benchmarks to help policy makers understand the impact of bankruptcies. Such estimates were widely discussed among policy makers in late 2008. [40]
On Monday, the U.S. Treasury announced that it was launching a second "pre-defined written trading plan" in order to sell the government's last 241.7 million shares in General Motors . While the ...
The federal government's controversial decision to step in and save General Motors from insolvency was the right thing to do, the automaker's new Chief Executive Daniel Akerson (pictured) said ...
The bailout bill's final passage capped a tumultuous week of legislative efforts that President George W. Bush signed the Emergency Economic Stabilization Act into law on Oct. 3, 2008.
Chrysler’s president at the time, Lee Iacocca, with the plan of preventing the company's failure, approached Congress and secured a bailout from the federal government. Congress later passed the Chrysler Corporation Loan Guarantee Act of 1979, which re-stabilized the company, signed and approved by President Jimmy Carter in January of 1980 ...
Jan 8 (Reuters) - American International Group Inc (AIG), the insurer rescued by the U.S. government in 2008 with a bailout that ultimately totaled $182 billion, may now join a lawsuit against the ...