Word: loaned
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Dates: during 2000-2009
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...much under the market, at some point they'll leave," says Steve Andrews, president and CEO of the Bank of Alameda. The San Francisco Bay Area bank has been forced to keep rates artificially high, Andrews says, as one flailing competitor after another - IndyMac, Washington Mutual, Downey Savings & Loan - has pushed up rates in an attempt to attract deposits and stave off insolvency. "It's frustrating riding into work and hearing about [deposit rates] at 4%," says Andrews. "That's prime rate - there is no margin...
Ever since the automakers first asked for a bailout last month, the Bush Administration has been urging that it come out of a $25 billion loan package Congress approved in September that the automakers were supposed to use to retool their assembly lines to build more fuel-efficient vehicles. Democratic Congressional leaders have wanted the cash to come instead from the $700 billion financial rescue pot they gave Treasury Secretary Hank Paulson in October - which is why the auto executives found themselves in the strange position of pleading their case before the House and Senate banking committees...
...Friday's House Financial Services Committee hearing, Michigan Republican Thaddeus McCotter proposed what he called a "Solomonic approach" - taking half the money from each pot. By Friday night, Democratic Congressional leaders were signaling that they were ready to cede ground and take all the funding from the $25 million loan program, on the assumption that they can replenish it later. But even if that flies, there remain a lot of big questions about how it would work...
This means the really big decisions about the automakers' future will have to wait until Barack Obama takes over in January. But again, GM and Chrysler don't have that much time, so discussion Friday turned to the possibility of a bridge loan to get them through until the end of March. Under questioning from Pennsylvania Democrat Paul Kanjorski, Wagoner said GM needed $10 billion to survive that long, and Nardelli said Chrysler would need $4 billion. Ford could make it that far without any help, Mulally said...
...that's what appears to be on the table: A $14 billion loan, from sources undecided, to be administered by parties unknown. Said House Financial Services Chairman Barney Frank after Friday's hearing, "We will now see whether we can put a bill together...