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White House Approves $13.4 Billion in Loans for GM and Chrysler
General Motors Corp. (GM) and Chrysler LLC will receive $13.4 billion in loans from the federal government as part of an emergency measure to keep the companies operating at least until the spring.
“These are not ordinary circumstances, in the midst of a financial crisis and a recession allowing the U.S. auto industry to collapse is not a responsible action,” said President Bush, who made the final decision to move ahead with the bailout after Senate Republicans last week balked at passing a House-approved rescue of the auto companies.
“Chapter 11 is unlikely to work for the American automakers at this time,”…
19Dec2008 | Money Morning | 0 comments | Continued
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