Let’s reset the timeline history. The big three automakers appeared before congress in November of 2008, requesting $50 billion to avoid bankruptcy.
Congress put the automakers in the hotseat and refused their initial request, sending the automakers back home to refine their plans. Congress was willing to loan the companies money as long as it was tied to the development of energy efficient vehicles. GM, Ford, and Chrysler wanted another 25 billion from the TARP fund, largely to support the auto unions and jobs within the companies.
In December of 2008, the automakers came back to congress requesting $35 billion, of which congress agreed to $23.4 billion in bailout money using TARP funds.
What The Automakers Got
The breakdown of the Automotive Industry Finance Program had loans to provide operating cash to GM and Chrysler, as well as money available for the car buyers through GMAC. General Motors was awarded a $13.4 billion loan with $6 billion set aside for GMAC. Chrysler was given a $4 billion loan. These amounts were determined to be the best alternatives for the companies by congress.
Does that mean that Ford did not get any money from the governement? Hardly. Congress decided that the best alternative for Ford was to get funds from the Term Asset-Backed Securities Loan Facility (TALF), which is a government program for auto, student, and other consumer loans. These were very low-cost government loans to the tune of $5.9 billion that helped Ford tip-toe past bankruptcy and overhaul their factories to bring out more fuel-efficient technology. The Obama administration’s plans of having a million electric cars on the road by 2015 were being funneled through Ford and two other companies (Nissan and Tesla), and Ford fans had the audacity to call GM “Government Motors.”