On December 19th, 2008, the US government approved a $17.5 billion bailout of GM and Chrysler, two of the "big 3" US automakers. The money was to be used to extend operations and was given with stipulations: executive pay by the firms was limited (as well as private jet use) and the companies were given restructuring guidelines, which the Obama administration will be responsible for monitoring.
Automotive Industry: The Latest Casualty of the Financial Crisis
The latest casualty of the financial crisis that has swept through the United States is the automotive industry. The largest car manufacturers in the country are seeking automaker loans in order to keep their door s open and their employees working.
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