Word: tarp
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Dates: during 2000-2009
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...plan will move $13.4 billion in funds from the Troubled Asset Relief Program (TARP) to GM and Chrysler, with GM getting $9.4 billion and Chrysler $4 billion. The money will be in the form of three-year loans, but the terms permit the Obama Administration to demand earlier repayment - presumably triggering bankruptcy - if it believes the restructuring goals are not being met. The near-term target is a March 31 deadline for the automakers to show a plan for achieving long-term viability. Based on White House and Treasury descriptions of the plan, this will be less an acid test...
...That figure will likely be ratcheted down given that the Detroit Three are now expecting a possible loan from the TARP funds, but critics warn even if Ottawa steps up with billions of dollars in aid, it won't be able to secure any job guarantees. "The real action is between Detroit and Washington," says Joe D'Cruz, a specialist in business strategy at University of Toronto's Rotman School of Management. He's concerned that Washington could make the transfer of jobs from Canada - which accounts for about 15% of Detroit Three production in North American...
...keep the companies on life support until a new Congress and the incoming Obama Administration can hammer out a comprehensive solution next year. The White House had been dead set against the Democrats' original entreaties to use money from the $700 billion Troubled Assets Relief Program, known as TARP, passed by Congress in September to stabilize the teetering banking system, but now it may have no choice. (See TIME's top 10 financial collapses...
...industry. But most Republicans realize they can't afford to be blamed for letting hundreds of thousands of more Americans lose their jobs at the holidays, and many in their ranks believe that the outgoing leader of their party should take the political hit by authorizing the use of TARP funds himself...
...Also out on Wednesday was a report by an oversight board appointed by Congress to evaluate Treasury's economic-rescue efforts. The board, which is headed by Harvard law professor Elizabeth Warren, criticized Treasury for failing to set up a program to monitor the effectiveness of TARP. In particular, the oversight board said it was important for Treasury to institute a method to determine whether the banks receiving government funds are using the money to make loans. "American taxpayers need to know that their money is having a tangible effect on improving financial stability, credit availability, and the economy...