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On May 30, 2009, it was announced that a deal had been reached to transfer New Opel (Opel plus Vauxhall, minus Saab) assets to a separate company majority-owned by a consortium led by Sberbank of Russia (35%), Magna International of Canada (20%), and Opel employees and car dealers (10%). GM was expected to keep a 35% minority stake in the new ...
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 ...
General Motors Corp. (GM) and Chrysler have received $17.4 billion in U.S. funds (so far), which they received only after much congressional teeth gnashing. Meanwhile, American International Group ...
According to an April 2014 report of the Special Inspector General of the Troubled Asset Relief Program, the U.S. government had lost $11.2 billion (~$14.2 billion in 2023) in its rescue of General Motors. The U.S. government spent $50 billion to bail out GM, meaning it recovered 77.6 percent of its investment amount. [7]
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The Treasury staff member responsible for administering the bailout funds was Neel Kashkari, a former vice-president at Goldman Sachs. [citation needed] In the Senate, Senator Judd Gregg (R-NH) was the leading Republican author of the TARP program while he had a multimillion-dollar investment in the Bank of America. [62] [63]
The U.S. government's bailout of General Motors was wildly unpopular in some circles, but there's no doubt that it worked. GM is now solidly profitable, its cars have improved, and it has created ...