Word: bailouts
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...what Miller had indicated he would support only last September and a full $500 million more than the company had asked for in the first place. As a result of a confluence of economic and political imperatives, the White House had decided to proceed with the biggest U.S. corporate bailout ever, one that would far exceed the $250 million in loan guarantees extended to Lockheed during the Nixon Administration...
...shutdown that would further weaken the nation's economy. That, plus the fear of having to campaign for renomination at a time when Chrysler plants might be closing for lack of operating capital, is what finally prompted the Administration to set aside any philosophical doubts about such a bailout and back a big loan guarantee...
...bailout plan comes with strict conditions attached, and it must also be approved by Congress, which will probably go along but may attach further limitations. Even so, the news cheered Chrysler's management, which is counting on a line of fuel-efficient, front-wheel-drive cars due to appear next year to spearhead a reversal of the company's decade-long slide and return it to solid profitability by 1981. Said lacocca after the Administration's announcement: "It's a vote of confidence we needed." Added Auto Workers Chief Douglas Fraser, who is joining Chrysler...
...concessions from its bankers, dealers, supliers, executives and workers. Everyone las been reluctant to be the first to act, and some have been downright ornery. Only three weeks ago, nearly one-third of Chrysler's 180 bankers voted against renegotiating its credit lines, arguing that even a federal bailout might not save ;he company. Now that the U.A.W. has Broken the logjam, and with the presidential primaries approaching, support for Chrysler is gaining momentum in the White House, the Treasury and Congress...
...pick up the bill." Pertec Computer Chairman Ryal Poppa warns, "Soon the Government will be asking us why we complain when they want to regulate our businesses if we're so willing to accept their help when we are in trouble." Economist Alan Greenspan finds a Government bailout wrong on principle, wrong because it would be granted not to any troubled company but only to a large one, and wrong because it would not protect jobs. Says he: "All it would do would be to freeze people into jobs without a future...