Randomness (r_ness) wrote,

$13.4 billion to GM and Chrysler.

From http://www.bloomberg.com/apps/news?pid=20601087&sid=aWCQymv.Aapg&refer=home:
General Motors Corp. and Chrysler LLC will get $13.4 billion in emergency government loans in exchange for substantially restructuring their businesses, President George W. Bush announced.

Another $4 billion will be available to GM in February providing Congress releases the second half of the $700 billion Troubled Asset Relief Program fund originally set up to bail out financial institutions.
This kicks the can down the road to President Obama, who's called it a "necessary step".

US equity markets went up on the announcement but are falling back now.
Tags: money
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