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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 ...
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 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 ...
For fiscal year 2007, GM's losses for the year were US$38.7 billion, (~$54.8 billion in 2023) [18] and sales for the following year dropped by 45%. [ 19 ] On November 7, 2008, General Motors reported it had projected it would run out of cash around mid-2009 without a combination of government funding, a merger, or sales of assets. [ 20 ]
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 ...
In the final presidential debate, Mitt Romney and Barack Obama discuss the auto industry and focus on the city of
A bailout is the provision of financial help to a corporation or country which otherwise would be on the brink of bankruptcy.A bailout differs from the term bail-in (coined in 2010) under which the bondholders or depositors of global systemically important financial institutions (G-SIFIs) are forced to participate in the recapitalization process but taxpayers are not.
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.