The ARRA/American Recovery and Reinvestment Act of 2009: The Obama Auto Rescue Reconsidered
Executive perspective From an automotive-credit perspective, the 2009 rescue of General Motors and Chrysler is best understood as a systemic loss-mitigation exercise, not as a standalone investment meant to maximize Treasury’s equity return. Treasury ultimately invested about $80 billion through the Automotive Industry Financing Program and, after exiting its final…