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An Update on TARP Program for the Domestic Auto Industry

An Update on TARP Program for the Domestic Auto Industry

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Published by Zach Kouwe
Congressional TARP Oversight Panel's Report on the Domestic Auto Progam
Congressional TARP Oversight Panel's Report on the Domestic Auto Progam

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Published by: Zach Kouwe on Jan 13, 2011
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11/12/2011

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Congressional Oversight Panel
JANUARYOVERSIGHT REPORT
*
 
January 13,2011
*
Submitted under Section 125(b)(1) of Title 1 of the Emergency EconomicStabilization Act of 2008, Pub. L. No. 110-343
 
An Update on TARP Support for the DomesticAutomotive Industry
 
 
2
Table of Contents
 
Executive Summary .............................................................................................................4Section One:A. Introduction ..............................................................................................................7B. Overview of Government Intervention ....................................................................81. Summary of Government Intervention in Auto Manufacturingand Financing Industries ..........................................................................................8C. Current State of the Domestic Automotive Industry .............................................201. Capacity Reductions .........................................................................................202. Lower Labor Costs ............................................................................................213. Resiliency in Market Share ...............................................................................224. Pricing ...............................................................................................................235. Outlook .............................................................................................................23D. General Motors ......................................................................................................261. Context ..............................................................................................................262. More Recent Developments ..............................................................................303. Outlook .............................................................................................................37
4. Treasury‟s Exit Strategy
...................................................................................42E. Chrysler ..................................................................................................................481. Context ..............................................................................................................482. Outlook .............................................................................................................60
3. Analysis of the Government‟s Exit Strategy Based on Likely
Repayment Scenarios .............................................................................................67
 
 
3F. GMAC/Ally Financial ...........................................................................................711. Context ..............................................................................................................712. Outlook .............................................................................................................823. Analysis of Intended Exit Strategy ...................................................................91G. Auto Supplier Support Program...........................................................................1041. Background .....................................................................................................1042. TARP Intervention ..........................................................................................1043. Current Status of Auto Supplier Industry .......................................................105H.
Analysis of Treasury‟s Interaction with all Three Companies in Lightof Government‟s Objectives
................................................................................1061. Summary of Principles upon which Government Has Announcedit Will Conduct its Involvement in Private Companies .......................................1062. Has Treasury Abided by its own Principles? ..................................................1073. Has Treasury Used its Limited Authority Effectively? ..................................1104. Was Treasury Right in Establishing These Guidelines for Itself? ..................114I. Conclusions and Recommendations ....................................................................115Section Two: Additional ViewsA. J. Mark McWatters and Professor Kenneth R. Troske ........................................121Section Three: TARP Updates Since Last Report ...........................................................126Section Four: Oversight Activities...................................................................................166Section Five: About the Congressional Oversight Panel .................................................167

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