Was the GM bailout worth it?
Dziczek said the bailout did save the domestic automakers, and prevented catastrophic economic decline for auto-dependent communities across the Upper Midwest. She said hundreds of thousands of autoworker jobs were saved as well, though many union autoworkers have lost ground economically.
Did the government lose money on the GM bailout?
WASHINGTON (Reuters) – The U.S. government lost $11.2 billion on its bailout of General Motors Co GM. N, more than the $10.3 billion the Treasury Department estimated when it sold its remaining GM shares in December, according to a government report released on Wednesday.
Did the US government lose money on the GM 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.
Who bailed out Chrysler the first time?
the U.S. government
On May 10, 1980, United States Secretary of the Treasury G. William Miller announces the approval of nearly $1.5 billion dollars in federal loan guarantees for the nearly bankrupt Chrysler Corporation. At the time, it was the largest rescue package ever granted by the U.S. government to an American corporation.
Did GM pay back the US government?
They’d lost $10.6 billion by the time the U.S. Treasury department closed the books on the $49.5 billion bailout in December. GM (GM), which filed for bankruptcy five years ago this Sunday, has repaid everything it was obligated to pay Treasury.
Which automaker did not take bailout?
Let’s be honest here: Ford has gotten a free pass and earned market shares for being the only US automaker that “didn’t take bailout money,” when they did in fact, take government loans with the condition of making cars that the government wanted.
Was Chrysler bailed out by the government?
On May 10, 1980, United States Secretary of the Treasury G. William Miller announces the approval of nearly $1.5 billion dollars in federal loan guarantees for the nearly bankrupt Chrysler Corporation. At the time, it was the largest rescue package ever granted by the U.S. government to an American corporation.
Was Chrysler bailed out?
The fear of millions of jobs being lost, along with resurgent German and Japanese auto industries, had many concerned that an already weak economy could be pushed into a depression. All these factors eventually led to Chrysler’s 1979 bailout by the federal government.
When did the US government bail out GM?
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”.