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Government Won’t Extend $700 Billion Bailout Plan to U.S. “Big Three”
The U.S. Treasury Department has rejected General Motors Corp.’s (GM) request of $10 billion in assistance for its potential merger with Chrysler LLC after the Bush Administration decided it didn’t want to broaden its $700 billion financial rescue program to include industrial companies – or to play a role in a GM-Chrysler merger that could cost the U.S. economy tens of thousands of jobs, The New York Times reported yesterday (Monday).
Instead of direct financing assistance, it looks like the Bush Administration will speed up a $25 billion loan program that was approved by Congress in September and that’s aimed at helping automakers…
4Nov2008 | Money Morning | Comments Off | Continued
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