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Has Chrysler received government bailout before?

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In 1979 Chrysler had assets of $13.6 billion and thousands of employees, but it was also on the verge of bankruptcy. To save the faltering giant, Lee Iacocca, Chrysler's new chairman of the board, asked Congress for a $1 billion loan, special tax concessions, and relief from environmental regulations. Iacocca pointed out that Congress had recently aided the troubled Lockheed Corporation and that the government regularly aided small businesses. Near the end of 1979 Congress agreed to a $1 billion loan if Chrysler raised $2 billion on its own.

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Get more facts and information about The 1980s: Business and the Economy: Overview from American Decades at Encyclopedia.com.

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