TITLE

Big Loss, Bigger Bailout The White House proposes a $1.5 billion tide-me-over for Chrysler

PUB. DATE
November 1979
SOURCE
Time;11/12/1979, Vol. 114 Issue 20, p98
SOURCE TYPE
Periodical
DOC. TYPE
Article
ABSTRACT
The article focuses on the 1.5 billion-dollar bailout given by the U.S. federal government to help Chrysler Corp. recover from its losses through the considerations given by U.S. President Jimmy Carter. It states that before chairman Lee Iacocca held their monthly meeting with the other officials, he received a call from U.S. Treasury Secretary G. William Miller saying that they will receive a government aid which would help settle their losses, an amount they have been asking since August 1979. It says that the amount is twice the amount the company has requested from the administration. However, the bailout plan is accorded with certain conditions including the approval of the Congress, and the firm's obligation to gather a program for a return to profitability within two years.
ACCESSION #
53525706

 

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