$13.4 billion to GM and Chrysler.

[randomness]

From http://www.bloomberg.com/apps/news?pid=20601087&sid=aWCQymv.Aapg&refer=home:

General Motors Corp. and Chrysler LLC will get $13.4 billion in emergency government loans in exchange for substantially restructuring their businesses, President George W. Bush announced.

Another $4 billion will be available to GM in February providing Congress releases the second half of the $700 billion Troubled Asset Relief Program fund originally set up to bail out financial institutions.

This kicks the can down the road to President Obama, who's called it a "necessary step".

US equity markets went up on the announcement but are falling back now.

Comments

[sarabellum.livejournal.com]

Can I get a bailout too, if my company goes belly up due to mismanagement?

And people are accusing Obama of being a Socialist...

[marmota.livejournal.com]

I'm a bit confused that "substantially restructuring their businesses" does not apparently begin with the resignations, let alone the arrests, of the CEOs.