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GM and Chrysler Each Receive $4B in Bridge Loans
3 January 2009
GM and Chrysler have each received $4 billion in federal bridge loans. (Earlier post.)
GM received its first tranche of $4 billion from the Federal Government on 31 December. Chrysler received its $4 billion on 2 January.
The US federal government is providing up to $13.4 billion in loans to GM and $4.0 billion to Chrysler. The funds are being provided by the US Department of the Treasury from the $700 billion TARP (Troubled Asset Relief Program) package passed earlier this year to address the crisis in the financial sector.
January 3, 2009 in Brief | Permalink | Comments (2) | TrackBack (0)
Comments
Posted by: John Taylor | January 03, 2009 at 08:18 PM
John - consider the unions, and their financial contributions before flushing.
Posted by: Reel$$ | January 04, 2009 at 06:30 PM
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money to GM is money down the drain.