Bush approves auto bailout, gives $17.4b in emergency loans
source: http://www.nytimes.com/2008/12/20/business/20auto.html?partner=permalink&exprod=permalink
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- fountaingoats
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WASHINGTON — President Bush on Friday announced $13.4 billion in emergency loans to prevent the collapse of General Motors and Chrysler, and another $4 billion available for the hobbled automakers in February with the entire bailout conditioned on the companies undertaking sweeping reorganizations to show that they can return to profitability.
The loans, as G.M. and Chrysler teeter on the brink of insolvency, essentially throw the companies a lifeline from the taxpayers that will keep them afloat until March 31. At that point, the Obama administration will determine if the automakers are meeting the conditions of the loans and will continue to receive government aid or must repay the loans and face bankruptcy proceedings.
The loans, as G.M. and Chrysler teeter on the brink of insolvency, essentially throw the companies a lifeline from the taxpayers that will keep them afloat until March 31. At that point, the Obama administration will determine if the automakers are meeting the conditions of the loans and will continue to receive government aid or must repay the loans and face bankruptcy proceedings.
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stopnoise
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They do not have much of a choice in this type of economic system. However do not make any mistake about it, the general public will end up to pay for everything.
- 3 years ago
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stopnoise
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seldomright
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Wonderful, the "Union Buster" stands before the portrait of the "Trust Buster". If only Teddy's horse were to do what horses so often do, W would get quite an earful!
- 3 years ago
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seldomright
