Finally.
President Bush has just announced that the embattled US automakers will receive 13.4 billion in loans from the Government. That sure is a peculiar number.
President Bush made the announcement this morning at 9 am. Bush also stated that 4 billion more may be used in February 2009.
"The terms and conditions of the financing provided by the Treasury Department will facilitate restructuring of our domestic auto industry, prevent disorderly bankruptcies during a time of economic difficulty, and protect the taxpayer by ensuring that only financially viable firms receive financing," according to a statement released by the White House.
The White House calculated this amount should stabilize the automakers through the end of March 2009.
"If the firms have not attained viability by March 31, 2009, the loan will be called and all funds returned to the Treasury," the statement says.
The funds will come from the TARP bailout, as expected and there are other conditions to these funds. These include limits on executive compensation and perks such as corporate jets, the automakers adhering to fuel efficiency and emission standards and opening books to government scrutiny.
Finally.
Now can we resume our wonderful Holiday Season, already in progress?
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