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The bailout required both companies to dramatically restructure their operations to demonstrate long-term viability. [77] In February 2009, the Obama administration would determine the automakers' progress in meeting the conditions of the loans, and then decide whether to supply more government aid or to force automakers to repay the loans and ...
Recommendations also included directives on improving wage and benefit structures, and developing competitive fuel efficient cars for the future. In March 2009, the Task Force recommended up to $5 billion in support for automotive industry suppliers, [ 5 ] and by late May 2009, following the recommendations of the Task Force, the U.S ...
Chrysler’s president at the time, Lee Iacocca, with the plan of preventing the company's failure, approached Congress and secured a bailout from the federal government. Congress later passed the Chrysler Corporation Loan Guarantee Act of 1979, which re-stabilized the company, signed and approved by President Jimmy Carter in January of 1980 ...
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With average car insurance rates soaring, it's an ideal time to shop around for a new auto policy. Our step-by-step guide simplifies the process — with money-saving tips on getting the best deal ...
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