the government bailedout the auto industry on 31 march 2010.
the government bailedout the auto industry on 31 march 2010.
when did the government bailout the auto industry?
31 march 2010
maurice lippens joined the in 1981, in 1983 becoming managing director and then chairman / managing director in 1988. he has been the chairman of fortis since 1990, but was relieved of his position after a government bailout of the bank in september 2008.









































the bailout came after fortis had been over ambitious and made fortis take over abn-amro, an acquisition fortis could probably not afford and therefore fortis was close to bankruptcy when the government took over.
maurice lippens (businessman)
during the 2008 presidential primary campaign, romney had distinguished his prescription for the automotive industry from rival candidate john mccain's by calling for a five-fold increase, to $20 billion per year over five years, in federal funding for research and development in energy, fuel technology, materials science, and automotive technology. in a january 14 speech, he stated, "i'm not willing to sit back and say, ' ... too bad for the people who've lost their jobs. they're gone forever.'" as the automotive industry crisis of 2008 arose amidst the near collapse of the private-sector credit market and banking industry in late 2008, romney argued against a bailout with direct government loans of the auto industry. he proposed that struggling auto manufacturers should undergo managed bankruptcy, after which they should seek loans from the private-sector credit market with government-backed loan guarantees. writing in an op-ed article published in the "new york times" in november 2008 (his original title had been "the way forward for the auto industry" but the editors published the article under the title "let detroit go bankrupt"), romney said, "if general motors, ford and chrysler get the bailout that their chief executives asked for yesterday, you can kiss the american automotive industry goodbye." in referring to his proposal for managed bankruptcy, he said "[i]t would permit the companies to shed excess labor, pension and real estate costs." the obama administration ultimately implemented managed bankruptcy reorganizations of the general motors and chrysler corporations in combination with the direct government financing that romney had opposed, after which romney said that he deserved credit for the auto industry's recovery.
political positions of mitt romney