Just four days ago, the George W. Bush administration granted GM and Chrysler a total of 17.4 billion bailout money. Ford stated that it does not need low zero percent interest funds at this moment. The 17.4 billion relief fund will be split in two payments – 13.4 billion will come in December and January with a further 4 billion in February.
The money for Gm and Chrysler will come from the Troubled Assets Relief Program (TARP). TARP is a 700 billion fund set up by the U.S. government just for these kind of situations, when an important company finds itself in trouble because of the economic crisis.
President Bush said he took this decision because the U.S. economy can’t manage the number of job lost in thie case GM and Chrysler would file for bankruptcy
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