Bush administration says it will provide $17.4 billion in loans to automakers GM and Chrysler. The loans will come from the $700 billion troubled Asset Relief Program, or TARP. The Dow Jones industrial average was up 53 points in early trading to 8,658. Standard & Poor’s ratings on 11 major U.S. and European financial institutions were downgraded on Friday. Wall Street still has a cautious edge, as the financial services industry has not regained its strength, S&P says.”]
Source: https://www.bankinfosecurity.com/regulators-get-heat-automakers-get-bailout-a-1118