When did the government bailout GM?
December 19, 2008
December 19, 2008: President Bush approved a bailout plan and gave General Motors and Chrysler $13.4 billion in financing from TARP (Troubled Assets Relief Program) funds, as well as $4 billion to be “withdrawn later”.
Did GM take a government bailout?
The U.S. government lost $11.2 billion on its bailout of General Motors, according to a 2014 government report. The government invested about $50 billion to bail out GM as a result of the company’s 2009 bankruptcy, and at one time held a 61 percent equity stake in the Detroit-based automaker.
Did Bush do a bailout?
The Emergency Economic Stabilization Act of 2008, often called the “bank bailout of 2008”, was proposed by Treasury Secretary Henry Paulson, passed by the 110th United States Congress, and signed into law by President George W. Bush.
What would have happened if GM was not bailed out?
Apologists for the bailout assert that were it not for the federal government’s emergency intervention, America would have lost one of its premier industries, along with a critical mass of skilled labor, physical plants, technology, and suppliers. …
What was the bailout for GM and Chrysler?
Bush announces $17.4 billion auto bailout President George W. Bush stepped in Friday to keep America’s auto industry afloat, announcing a $17.4 billion bailout for GM and Chrysler, with the terms of the loans requiring that the firms radically restructure and show they can become profitable soon.
What was the bailout for the auto industry?
Bush announces $17.4 billion auto bailout. President George W. Bush stepped in Friday to keep America’s auto industry afloat, announcing a $17.4 billion bailout for GM and Chrysler, with the terms of the loans requiring that the firms radically restructure and show they can become profitable soon.
Who was president at the time of the bailout?
The plan was immediately backed by President George W. Bush and negotiations began with leaders in the U.S. Congress to draft appropriate legislation. President Bush meets with Congressional members, including presidential candidates John McCain and Barack Obama, at the White House to discuss the bailout, September 25, 2008.
Who was the Treasury Secretary during the auto bailout?
With the deal, Treasury Secretary Jack Lew said the United States was “winding down the Auto Industry Financing Program,” the federal program that saved the auto industry— or bailed it out, depending on your view. Back in 2012, we looked at Obama’s campaign claim that GM and Chrysler “repaid their loans.”