History of U.S. Gov’t Bailouts (Now With Auto Bailout Bucks)
President Bush announced last week that a deal had been brokered between the administration and auto giants General Motors and Chrysler. It seems Ford Motor Company, at least for now, will push forward on its own.
The $17.4 billion rescue package was agreed upon after weeks of groveling and threats of a month-long factory shutdown, and a fiery debate whether the automakers should follow the bankruptcy route. The funds will come from the TARP treasure chest.
The terms are fairly strict. For example, it pushes automakers to reach an agreement with the United Auto Workers union to cut wages and benefits to make compensation competitive with that of foreign-based automakers in the United States. If the automakers are still flailing by the end of March, the Obama administration has the option to discontinue aid.
We have updated our bailout chart to include the details of the Chrysler and G.M. rescue.
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