Which president bailed out General Motors?
The Presidential Task Force on the Auto Industry was an ad hoc group of United States cabinet-level and other officials that was formed by President Obama to deal with the financial bailout of automakers Chrysler and General Motors.
December 19, 2008: President Bush approved a bailout plan and gave General Motors and Chrysler $13.4 billion in financing from TARP (Troubled Assets Relief Program) funds, as well as $4 billion to be "withdrawn later".
With hindsight, the rescue was fairly cheap. All told, GM, Chrysler and GM's financing arm received $80.7 billion in federal assistance. But $70.5 billion was recovered. Although the $10.2 billion net cost is a lot, the benefit — a crucial industry stabilized in midcrisis — was worth far more.
The U.S. government spent about $50 billion to bail out GM. As a result of the company's 2009 bankruptcy, the government's investment was converted to a 61 percent equity stake in the Detroit-based automaker, plus preferred shares and a loan.
Bush announced that he had approved the bailout plan, which would give loans of $17.4 billion to U.S. automakers GM and Chrysler, stating that under present economic conditions, "allowing the U.S. auto industry to collapse is not a responsible course of action." Bush provided $13.4 billion immediately, with another $4 ...
The Emergency Economic Stabilization Act of 2008, often called the "bank bailout of 2008", was proposed by Treasury Secretary Henry Paulson, passed by the 110th United States Congress, and signed into law by President George W. Bush.
The U.S. government lost $11.2 billion on its bailout of General Motors, according to a 2014 government report. The government invested about $50 billion to bail out GM as a result of the company's 2009 bankruptcy, and at one time held a 61 percent equity stake in the Detroit-based automaker.
U.S. taxpayers lost more than $11.2 billion as a result of the federal bailout of General Motors, according to a government report released Wednesday. The $11.2-billion loss includes a $826-million write-off in March from government investments in the “Old GM” before the company's 2009 bankruptcy, the report said.
In total, GM received $52 billion from the U.S. government, but only $6.7 billion of this amount was considered a loan. The company already paid back $2 billion, so this $4.7 billion is the last payment.
Let's be honest here: Ford has gotten a free pass and earned market shares for being the only US automaker that “didn't take bailout money,” when they did in fact, take government loans with the condition of making cars that the government wanted.
What happened to GM shareholders after the bailout?
WASHINGTON -- The federal government on Monday sold its remaining shares of General Motors Co. stock, ending the controversial $49.5-billion bailout of the automaker with an approximately $10.5-billion loss for taxpayers.
Chief executive Rick Wagoner led the auto delegation in Washington seeking government funding to save the industry and keep GM out of bankruptcy. Five years later, after an unprecedented government equity investment, GM is thriving and the Treasury plans to sell its remaining stake in the coming months.
GM: repaid $23.1 billion of the $49.5 billion it got from the U.S. Treasury, including all of its outstanding loans. But Treasury still owns 500 million shares, or 32%, of GM stock.
Ford did not ask for a government bailout, but received other financial assistance. Ford supported the GM and Chrysler bailouts to protect its supply chain and dealer network.
Regulatory documents filed by Ford showed the company owes payments of $591 million in 2020, $591 million in 2021 and $289 million in 2022.
In total, GM received $52 billion from the U.S. government, but only $6.7 billion of this amount was considered a loan. The company already paid back $2 billion, so this $4.7 billion is the last payment.
It's a question I hear a lot from readers who are concerned about the effects of GM's 2009 bailout. Many are surprised to hear that General Motors (GM -2.90%) already has paid back its bailout loans from the U.S. government. GM has completely satisfied the terms of the deals it made with the U.S. Treasury back in 2009.
Chief executive Rick Wagoner led the auto delegation in Washington seeking government funding to save the industry and keep GM out of bankruptcy. Five years later, after an unprecedented government equity investment, GM is thriving and the Treasury plans to sell its remaining stake in the coming months.
Just days after becoming the new CEO of General Motors in January 2014, Barra discovered that an ignition switch failure in GM's cars was directly responsible for 124 deaths and 275 fatal injuries. But rather than trying to ignore the discovery, she leaped into swift and decisive action.
U.S. taxpayers lost more than $11.2 billion as a result of the federal bailout of General Motors, according to a government report released Wednesday. The $11.2-billion loss includes a $826-million write-off in March from government investments in the “Old GM” before the company's 2009 bankruptcy, the report said.
What percent of General Motors is owned by China?
| Type | Joint Venture |
|---|---|
| Headquarters | Shanghai , China |
| Area served | China |
| Products | Automobiles |
| Owner | SAIC Motor (50%) General Motors (50%) |
In fact, GM did not repay the loans with money it earned from selling cars. Instead, GM repaid the TARP loans with money it withdrew from another TARP fund at the Treasury Department.
