The timing could not have been better – or worse. Against a deteriorating market backdrop and with US authorities – including the Federal Deposit Insurance Corp, the Federal Reserve and the Treasury – scrambling to stop the burst credit bubble from completely bringing down the economy, the management of Chrysler, Ford and General Motors flew into Washington with their corporate begging bowl.
Using corporate jets to do so might not have been the smartest course of action, but at least they were able to offer a concrete illustration that there was waste they would be able to cut if they were provided with a $25 billion loan via the Tarp programme.
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