With these loans, Treasury will have committed virtually all of the $350 billion of that fund that it can hand out without additional authorization from Congress. Once Congress releases the other $350 billion, the two automakers will be able to borrow an additional $4 billion.
GM will get $9.4 billion from the first allocation of federal loan money, while Chrysler would get the other $4 billion.
GM has a total market cap of $2.4 billion. The loan is over three times the entire worth of the company.
This is just in time for Chrysler workers' one month paid vacation. I hear Cabo is nice this time of year.
What a disgrace.
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