Yellow, which received a pandemic loan, is winding down operations ahead of an expected bankruptcy filing. The closure of the company would mean the loss of about 30,000 jobs.
The 2008 TARP that bailed out GM and Chrysler may have had widespread support but it wasn’t universal. In my opinion it shouldn’t have been done either and was probably only necessary because of the original Chrysler bailout back in the day. Without that “The Big Three” would have been subject to market forces and turned into “The Big Two”, the healthier market may have kept GM from being in the position to need a bailout.
The other point of note is that GM did repay their loan so at least in that instance it worked out. I have no idea why anyone in the Federal Government thought that Yellow would be able to successfully repay this one.
I had to look that up because honestly I had forgotten about it. It’s not that I “like” to, I just did.
The argument that GM should have been required to make up the difference seems reasonable to me, of course I think the bailout was unreasonable in the first place sooooo…
The 2008 TARP that bailed out GM and Chrysler may have had widespread support but it wasn’t universal. In my opinion it shouldn’t have been done either and was probably only necessary because of the original Chrysler bailout back in the day. Without that “The Big Three” would have been subject to market forces and turned into “The Big Two”, the healthier market may have kept GM from being in the position to need a bailout.
The other point of note is that GM did repay their loan so at least in that instance it worked out. I have no idea why anyone in the Federal Government thought that Yellow would be able to successfully repay this one.
I specifically mentioned the stock swap not the loan. The swap was never paid back and was +10 billion range.
Universally supported because everyone likes to forget about it.
I had to look that up because honestly I had forgotten about it. It’s not that I “like” to, I just did.
The argument that GM should have been required to make up the difference seems reasonable to me, of course I think the bailout was unreasonable in the first place sooooo…