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Bailout Watch 319: Damage Report
by
Robert Farago
(IC: employee)
Published: January 2nd, 2009
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Department of Energy “retooling loans” – $25b
GM and Chrysler “bridging loans” – $17.4b
U.S. Treasury “investment”in GMAC – $5b
U.S. Treasury supplement to GM for GMAC – $1b
TOTAL – $48.4b
Robert Farago
More by Robert Farago
Published January 2nd, 2009 12:45 PM
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I differ to beg. No one held a gun to their head and said, hit up Uncle Sam. They could have taken their medicine and filed for C11. Management's behavior-- their willingness to kow-tow to Uncle Sam to avoid accountability-- is reprehensible,
"They could have taken their medicine and filed for C11." now wouldn't that have been something. think the country and consumers would have rallied behind one of the Big3 had they decided to do the bankruptcy thing - could've called themselves the real american car company or somesuch.