Word: borrowingsâ
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After Congress's approval in December 1979 of loan guarantees covering $1.5 billion of Chrysler's borrowings???money it would need to survive?lacocca's hard est task began. Congress made the guarantees contingent on Chrysler's winning about $2 billion of concessions on its own: from the United Auto Workers, suppliers, state and local governments and 446 lenders. Those negotiations took six months and were concluded just as the company was days away from declaring formal bankruptcy...
...first two items?an increase in the discount rate and the setting up of reserve requirements for offshore bank borrowings???went through smoothly enough, but the third presented a procedural problem. As a revolutionary change in Fed operations, the plan to focus day-to-day attention on actual money creation required not only board approval (which was given unanimously) but the support of the Open Market Committee, which comprises not only the board's governors but also five other representatives from the Fed's twelve regional banks. Just after lunch a conference call was arranged, unanimous support from the governors...
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