TARP Funds Used For GM and Chrysler
The Treasury Department announced today that by creating a $17.4 billion loan program for both Chrysler and General Motors it had allocated the first half of the $700 billion TARP fund. A formal request must now be made to Congress to access the remaining $350 billion in TARP funds. Click here to read the Treasury Department's term sheet for Chrysler, and click here for the General Motors' term sheet. To read all of Treasury Secretary Paulson statement on the use of TARP funds to stabilize the automotive industry, click here.
