George Bush bails out car manufacturers with $17.4bn lifeline
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- bansheewail
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The US president, George Bush, handed General Motors and Chrysler a lifeline today by giving the struggling car manufacturers $17.4bn in short-term loans.
However, the White House warned that the former industrial giants would be forced into bankruptcy by 31 March if they did not produce viable restructuring plans over that period. The Detroit-based companies were forced to turn to the president for a cash injection after the Senate rejected a bail-out plan at the beginning of the month.
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- News and Politics, Politics
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- Politics, News and Politics, US, Bush, 8 more
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pokesmot
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Let them MAKE bail from jail!
- 4 years ago
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pokesmot
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bansheewail
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Treasury Secretary Hank Paulson's old firm, Goldman Sachs, saved almost 6 billion in taxes that they didn't pay on their "Wall Street-Bailout" by moving that money off-shore. They recorded a yearly PROFIT while being bailed out. I think Goldman Sachs should loan the automakers the money before your and I have to. The simple accounting of this deal doesn't make sense.
Dec. 16 (Bloomberg) -- Goldman Sachs Group Inc., which got $10 billion and debt guarantees from the U.S. government in October, expects to pay $14 million in taxes worldwide for 2008 compared with $6 billion in 2007.
The company’s effective income tax rate dropped to 1 percent from 34.1 percent, New York-based Goldman Sachs said today in a statement. The firm reported a $2.3 billion profit for the year after paying $10.9 billion in employee compensation and benefits.
- 4 years ago
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bansheewail
