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“He was widely credited with saving the company from bankruptcy by persuading Congress in 1980 to approve federal loan guarantees of up to $1.5 billion.”
by abtinf 7y ago
“He was widely credited with saving the company from bankruptcy by persuading Congress in 1980 to approve federal loan guarantees of up to $1.5 billion.”
- braythwayt 7y agoLoans that were repaid. Compare and contrast to the bank bailouts, which were used to give bonuses to the very execs who ruined the banks in the first place.
- addicted 7y agoTARP, i.e. the bank bailouts, was profitable for the government, to the tune of over $100Bn. https://projects.propublica.org/bailout/ https://projects.propublica.org/bailout/ Of course, the government should have gotten a much better return for the risk they took, but for a program that has been reviled as $600bn giveaway, and is remembered that way, a $100bn profit is an incredible gain.
- deleted 7y ago[deleted]
- hermitdev 7y agoYes, but this is an uncomfortable truth for those that want to blame banks for the 2008 collapse (especially ignoring the federal mandates that they make a lot of the loans behid the 2008 collapse).
- savanaly 7y agoIn the case of the bank bailouts of 2008, didn't they all get repaid, with interest, and the government made money on it?
- basementcat 7y agoBank bailouts were mostly repaid, turning a profit for taxpayers. https://www.politifact.com/new-hampshire/statements/2012/oct/25/barack-obama/barack-obama-says-banks-paid-back-all-federal-bail/ https://www.politifact.com/new-hampshire/statements/2012/oct...