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135-587: FCA US, LLC , doing business as Stellantis North America and known historically as Chrysler ( / ˈ k r aɪ s l ər / KRY -slər ), is one of the " Big Three " automobile manufacturers in the United States, headquartered in Auburn Hills, Michigan . It is the American subsidiary of the multinational automotive company Stellantis . Stellantis North America sells vehicles worldwide under

270-580: A 60 Minutes interview with Steve Kroft , Sergio Marchionne responded "just to rectify the record I paid back the loans at 19.7% Interest. I don't think I committed to do to a commercial on top of that" and characterized the Republican reaction as "unnecessary and out of place". In 2014, Chrysler started using a new slogan, "America's Import" in ads introducing their all-new 2015 Chrysler 200 , targeting foreign automakers from Germany to Japan with such ads (German performance and Japanese quality), and at

405-400: A $ 50 million stock offering. $ 180 million was to come from concessions from dealers and suppliers. Also in 1978, Iacocca offloaded the ailing European operation to PSA Peugeot Citroën for a nominal $ 1, taking with it the group's substantial losses and debts which had been dragging the rest of the business down. After a period of plant closures and salary cuts agreed to by both management and

540-462: A 19.9% stake. The economic collapse during the Financial crisis of 2007–2008 pushed the company to the brink. On April 30, 2009, the automaker filed for Chapter 11 bankruptcy protection to be able to operate as a going concern, while renegotiating its debt structure and other obligations, which resulted in the corporation defaulting on over $ 4 billion in secured debts. The U.S. government described

675-506: A 38 percent (or $ 9.5 billion) subsidy. As of June 30, 2012 , $ 467 billion had been allotted, and $ 416 billion spent, according to a literature review on the TARP. Among the money committed, includes: The Congressional Budget Office released a report in January 2009, reviewing the transactions enacted through the TARP. The CBO found that through December 31, 2008, transactions under

810-420: A DBA must be registered with a local or state government, or both, depending on the jurisdiction. For example, California, Texas and Virginia require a DBA to be registered with each county (or independent city in the case of Virginia) where the owner does business. Maryland and Colorado have DBAs registered with a state agency. Virginia also requires corporations and LLCs to file a copy of their registration with

945-467: A DBA statement, though names including the first and last name of the owner may be accepted. This also reduces the possibility of two local businesses operating under the same name, although some jurisdictions do not provide exclusivity for a name, or may allow more than one party to register the same name. Note, though, that this is not a substitute for filing a trademark application. A DBA filing carries no legal weight in establishing trademark rights. In

1080-626: A January 2012, review, it was reported that AIG still owed around $ 50 billion, GM about $ 25 billion and Ally about $ 12 billion. Break even on the first two companies would be at $ 28.73 a share versus then-current share price of $ 25.31 and $ 53.98 versus then-current share price of $ 24.92, respectively. Ally was not publicly traded. The 371 banks that still owed money include Regions ($ 3.5 billion), Zions Bancorporation ($ 1.4 billion), Synovus Financial Corp. ($ 967.9 million), Popular, Inc. ($ 935 million), First BanCorp of San Juan, Puerto Rico ($ 400 million) and M&T Bank Corp. ($ 381.5 million). Some in

1215-587: A March 27 mediation to try to settle the lawsuit over the clothing company's use of "Imported from Detroit" slogan. Pure Detroit stated that Chrysler has made false claims about the origins of three vehicles - Chrysler 200, Chrysler 300 and Chrysler Town & Country - none of which are built in Detroit. Pure Detroit also said that Chrysler's Imported From Detroit merchandise is not being made in Detroit. In 2012 Chrysler and Pure Detroit came to an undisclosed settlement. Chrysler's Jefferson North Assembly , which makes

1350-574: A booming market until 2007, when they were hit by widespread foreclosures on the underlying loans. TARP was intended to improve the liquidity of these assets by purchasing them using secondary market mechanisms, thus allowing participating institutions to stabilize their balance sheets and avoid further losses. TARP does not allow banks to recoup losses already incurred on troubled assets, but officials expect that once trading of these assets resumes, their prices will stabilize and ultimately increase in value, resulting in gains to both participating banks and

1485-745: A combination of negotiations with creditors, filing for Chapter 11 bankruptcy reorganization on April 30, 2009, and participating in a bailout from the U.S. government through the Troubled Asset Relief Program . On June 10, 2009, Chrysler emerged from the bankruptcy proceedings with the United Auto Workers pension fund, Fiat S.p.A. , and the U.S. and Canadian governments as principal owners. The bankruptcy resulted in Chrysler defaulting on over $ 4 billion in debts. In May 2011, Chrysler finished repaying its obligations to

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1620-555: A completely redesigned Chrysler 200 . The vehicle's creation is from the completely integrated company, FCA, executing from a global compact-wide platform. On December 16, 2014, Chrysler Group LLC announced a name change to FCA US LLC. On January 12, 2017, FCA shares traded at the New York Stock Exchange lost value after the EPA accused FCA US of using emissions cheating software to evade diesel-emissions tests, however

1755-476: A contract, invoice, or cheque, they must also add the legal name of the business. Numbered companies will very often operate as something other than their legal name, which is unrecognizable to the public. In Chile , a trade name is known as a nombre de fantasía ('fantasy' or 'fiction' name), and the legal name of business is called a razón social (social name). In Ireland , businesses are legally required to register business names where these differ from

1890-527: A foreign bank, U.S. savings banks or credit unions, U.S. broker-dealers, U.S. insurance companies, U.S. mutual funds or other U.S. registered investment companies, tax-qualified U.S. employee retirement plans, and bank holding companies. The President was to submit a law to cover government losses on the fund, using "a small, broad-based fee on all financial institutions". To participate in the bailout program, "...companies will lose certain tax benefits and, in some cases, must limit executive pay . In addition,

2025-403: A frequent commenter on TARP related issues, also pointed to excessive misinformation and erroneous analysis surrounding the U.S. toxic asset auction plan. Removing toxic assets would also reduce the volatility of banks' stock prices. This lost volatility would hurt the stock price of distressed banks. Therefore, such banks would only sell toxic assets at above market prices. On April 19, 2009,

2160-453: A material impact on its business." As part of a January 2019 settlement, Fiat Chrysler was to recall and repair approximately 100,000 automobiles equipped with a 3.0-liter V6 EcoDiesel engine having a prohibited defeat device , pay $ 311 million in total civil penalties to US regulators and CARB , pay $ 72.5 million for state civil penalties, implement corporate governance reforms, and pay $ 33.5 million to mitigate excess pollution. The company

2295-421: A set spending limit, $ 250 billion at the start of the program, with which it will purchase the assets and then either sell them or hold the assets and collect the coupons . The money received from sales and coupons will go back into the pool, facilitating the purchase of more assets. The initial $ 250 billion could be increased to $ 350 billion upon the president 's certification to Congress that such an increase

2430-405: A short list of criteria based on a secret ratings system they use to gauge this. The New York Times stated: "The criteria being used to choose who gets money appears to be setting the stage for consolidation in the industry by favoring those most likely to survive" because the criteria appears to favor the financially best off banks and banks too big to let fail . Some lawmakers are upset that

2565-434: A simpler name rather than using their formal and often lengthier name. Trade names are also used when a preferred name cannot be registered, often because it may already be registered or is too similar to a name that is already registered. Using one or more fictitious business names does not create additional separate legal entities. The distinction between a registered legal name and a fictitious business name, or trade name,

2700-399: A strong likelihood of winning its case. Therefore, Pure Detroit's owner, Detroit retailer Moda Group LLC, can continue selling its "Imported from Detroit" products. Tarnow also noted that Chrysler does not have a trademark on "Imported from Detroit" and rejected the automaker's argument that trademark law is not applicable to the case. In March 2012, Chrysler Group LLC and Pure Detroit agreed to

2835-413: A trade name is known as a nombre de fantasía ('fantasy' or 'fiction' name), and the legal name of business is called a razón social (social name). In Brazil , a trade name is known as a nome fantasia ('fantasy' or 'fiction' name), and the legal name of business is called razão social (social name). In some Canadian jurisdictions , such as Ontario , when a businessperson writes a trade name on

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2970-478: A trade name. In the United States , the phrase " doing business as " (abbreviated to DBA , dba , d.b.a. , or d/b/a ) is used, among others, such as assumed business name or fictitious business name . In Canada , " operating as " (abbreviated to o/a ) and " trading as " are used, although " doing business as " is also sometimes used. A company typically uses a trade name to conduct business using

3105-401: Is available on several current and was available on several discontinued Chrysler models including the current Dodge Dart , Chrysler 300 , Aspen , Sebring , Town and Country , Dodge Avenger , Caliber , Grand Caravan , Challenger , Charger , Journey , Nitro , and Ram . Trade name In a number of countries, the phrase " trading as " (abbreviated to t/a ) is used to designate

3240-410: Is called a razón social . Troubled Asset Relief Program The Troubled Asset Relief Program ( TARP ) is a program of the United States government to purchase toxic assets and equity from financial institutions to strengthen its financial sector that was passed by Congress and signed into law by President George W. Bush . It was a component of the government's measures in 2009 to address

3375-498: Is important because fictitious business names do not always identify the entity that is legally responsible . Legal agreements (such as contracts ) are normally made using the registered legal name of the business. If a corporation fails to consistently adhere to such important legal formalities like using its registered legal name in contracts, it may be subject to piercing of the corporate veil . In English , trade names are generally treated as proper nouns . In Argentina ,

3510-412: Is non-transferable. After Chrysler's restructuring, the warranty program was replaced by five-year/100,000 mile transferable warranty for 2010 or later vehicles. In 2008, as a response to customer feedback citing the prospect of rising gas prices as a top concern, Chrysler launched the "Let's Refuel America" incentive campaign, which guaranteed new-car buyers a gasoline price of $ 2.99 for three years. With

3645-668: Is still outstanding, some of which has been converted to common stock, from just under $ 125 million down to $ 7,000. Sums loaned to entities that have gone into, and in some cases emerged from bankruptcy or receivership are provided. Additional sums have been written off, for example Treasury's original investment of $ 854 million in Old GM. The May 2015 report also detailed other costs of the program, including $ 1.157 billion "for financial agents and legal firms" $ 142 million for personnel services, and $ 303 million for "other services". The banks agreeing to receive preferred stock investments from

3780-498: Is the smallest of the "Big Three" U.S. automakers (Stellantis North America, Ford Motor Company , and General Motors ). In 2020, FCA US sold just over 1.8 million vehicles. Chrysler was the world's 11th largest vehicle manufacturer as ranked by OICA in 2012. Total Chrysler vehicle production was about 2.37 million that year. The company has since become a wholly-owned subsidiary and no longer reports global sales. In 2007, Chrysler began to offer vehicle lifetime powertrain warranty for

3915-503: The 2007–2008 financial crisis to help it decide which banks to provide special help for and which to not as part of its capitalization program authorized by the Emergency Economic Stabilization Act of 2008. It was being used to classify the nation's 8,500 banks into five categories, where a ranking of 1 means they are most likely to be helped and a 5 most likely to not be helped. Regulators were applying

4050-657: The Buick division at General Motors. He then acquired Fargo Trucks and the Dodge Brothers Company , and created the Plymouth and DeSoto brands in 1928. Facing postwar declines in market share, productivity, and profitability, as GM and Ford were growing, Chrysler borrowed $ 250 million in 1954 from Prudential Insurance to pay for expansion and updated car designs. Chrysler expanded into Europe by taking control of French, British, and Spanish auto companies in

4185-801: The Chrysler , Dodge , Jeep , and Ram Trucks nameplates. It also includes Mopar , its automotive parts and accessories division, and SRT , its performance automobile division. The division also distributes Alfa Romeo , Fiat , and Maserati vehicles in North America. The original Chrysler Corporation was founded in 1925 by Walter Chrysler from the remains of the Maxwell Motor Company . In 1998, it merged with Daimler-Benz , which renamed itself DaimlerChrysler but in 2007 sold off its Chrysler stake. The company operated as Chrysler LLC through 2009, then as Chrysler Group LLC. In 2014, it

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4320-526: The Chrysler Voyager in Austria for European markets in 1992. In 1998, Chrysler and its subsidiaries entered into a partnership dubbed a "merger of equals" with German-based Daimler-Benz AG, creating the combined entity DaimlerChrysler AG . To the surprise of many stockholders, Daimler acquired Chrysler in a stock swap before Chrysler CEO Bob Eaton retired. Under DaimlerChrysler, the company

4455-693: The Federal takeover of Fannie Mae and Freddie Mac ). The cost of the S&;L crisis amounted to 3.2 percent of GDP during the Reagan/Bush era, while the GDP percentage of the TARP cost was estimated at less than 1 percent. The primary purpose of TARP, according to the Federal Reserve, was to stabilize the financial sector by purchasing illiquid assets from banks and other financial institutions. However,

4590-582: The Jeep/Eagle division as a "specialty" arm to market products distinctly different from the K-car-based products with the Eagle cars targeting import buyers. Former AMC dealers sold Jeep vehicles and various new Eagle models, as well as Chrysler products, strengthening the automaker's retail distribution system. Eurostar , a joint venture between Chrysler and Steyr-Daimler-Puch , began producing

4725-639: The Obama administration outlined the conversion of the TARP loans to common stock . The program was run by the Treasury's new Office of Financial Stability . According to a speech made by Neel Kashkari , the fund would be split into the following administrative units: Eric Thorson was the Inspector General of the US Department of the Treasury and was responsible for the oversight of

4860-512: The Super Bowl . Its two-minute February 5, 2012 Super Bowl XLVI advertisement was titled "Halftime in America". The ad drew criticism from several leading U.S. conservatives , who suggested that its messaging implied that President Barack Obama deserved a second term and, as such, was political payback for Obama's support for the federal bailout of the company. Asked about the criticism in

4995-466: The United Kingdom , there is no filing requirement for a "business name", defined as "any name under which someone carries on business" that, for a company or limited liability partnership, "is not its registered name", but there are requirements for disclosure of the owner's true name and some restrictions on the use of certain names. A minority of U.S. states, including Washington , still use

5130-724: The United States Department of the Treasury to establish and manage TARP under a newly created Office of Financial Stability became law October 3, 2008, the result of an initial proposal that ultimately was passed by Congress as H.R. 1424 , enacting the Emergency Economic Stabilization Act of 2008 and several other acts. On October 8, the British announced their bank rescue package consisting of funding, debt guarantees and infusing capital into banks via preferred stock. This model

5265-552: The subprime mortgage crisis . The TARP originally authorized expenditures of $ 700 billion. The Emergency Economic Stabilization Act of 2008 created the TARP. The Dodd–Frank Wall Street Reform and Consumer Protection Act , signed into law in 2010, reduced the amount authorized to $ 475 billion (approximately $ 648 billion in 2023). By October 11, 2012, the Congressional Budget Office (CBO) stated that total disbursements would be $ 431 billion, and estimated

5400-549: The "Asset Guarantee Program." The report indicated that the program would likely not be made "widely available." On January 15, 2009, the Treasury issued interim final rules for reporting and record keeping requirements under the executive compensation standards of the Capital Purchase Program (CPP). Six days later, the Treasury announced new regulations regarding disclosure and mitigation of conflicts of interest in its TARP contracting. On February 5, 2009,

5535-409: The 1960s; Chrysler Europe was sold in 1978 to PSA Peugeot Citroën for a nominal $ 1. The company struggled to adapt to changing markets, increased U.S. import competition, and safety and environmental regulation in the 1970s. It began an engineering partnership with Mitsubishi Motors , and began selling Mitsubishi vehicles branded as Dodge and Plymouth in North America. On the verge of bankruptcy in

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5670-777: The 47% ownership of AMC that was held by Renault . The remaining outstanding shares of AMC were bought on the NYSE by August 5, 1987, making the deal valued somewhere between US$ 1.7 billion and US$ 2 billion, depending on how costs were counted. Chrysler CEO Lee Iacocca wanted the Jeep brand, particularly the Jeep Grand Cherokee (ZJ) that was under development, the new world-class manufacturing plant in Bramalea, Ontario , and AMC's engineering and management talent that became critical for Chrysler's future success. Chrysler established

5805-581: The Big 3 US automakers, Chrysler lacked the financial resources to meet all of these challenges. In 1976, with the demise of the reliable Dart/Valiant, quality control declined. Their replacements, the Dodge Aspen and Plymouth Volare , were comfortable and had good roadability, but owners soon experienced major reliability problems which crept into other models as well. Engines failed and/or did not run well, and premature rust plagued bodies. In 1978, Lee Iacocca

5940-576: The Chalmers automobile was ended. In January 1924, Walter Chrysler launched the well-received Chrysler automobile. The Chrysler Six was designed to provide customers with an advanced, well-engineered car, at an affordable price. Elements of this car are traceable to a prototype which had been under development at Willys during Chrysler's tenure The original 1924 Chrysler included a carburetor air filter, high compression engine, full pressure lubrication, and an oil filter, features absent from most autos at

6075-690: The Chrysler Corporation began dividing its vehicle offerings by price class and function. The Plymouth brand was introduced at the low-priced end of the market (created essentially by once again reworking and rebadging the Chrysler Series 50 four-cylinder model). At the same time, the DeSoto brand was introduced in the medium-price field. Also in 1928, Chrysler bought the Dodge Brothers automobile and truck company and continued

6210-473: The Chrysler Corporation. The company was headquartered in the Detroit enclave of Highland Park , where it remained until completing the move to its present Auburn Hills location in 1996. Chrysler had arrived at the ailing Maxwell- Chalmers company in the early 1920s, hired to overhaul the company's troubled operations (after a similar rescue job at the Willys -Overland car company). In late 1923, production of

6345-489: The Chrysler brand as an upscale brand. In October 2009, Dodge's car and truck lines were separated, with the name "Dodge" being used for cars, minivans, and crossovers and "Ram" for light- and medium-duty trucks and other commercial-use vehicles. In 2011, Chrysler unveiled their "Imported From Detroit" campaign with ads featuring Detroit rapper Eminem , one of which aired during the Super Bowl. The campaign highlighted

6480-424: The Chrysler umbrella. In 1998, Chrysler merged with German automaker Daimler-Benz to form DaimlerChrysler AG ; the merger proved contentious with investors. As a result, Chrysler was sold to Cerberus Capital Management and renamed Chrysler LLC in 2007. Like the other Big Three automobile manufacturers, Chrysler was impacted by the automotive industry crisis of 2008–2010 . The company remained in business through

6615-500: The Congressional Oversight Panel concluded that the Treasury paid substantially more for the assets it purchased under the TARP than their then-current market value. The COP found the Treasury paid $ 254 billion, for which it received assets worth approximately $ 176 billion, for a shortfall of $ 78 billion. The COP's valuation analysis assumed that "securities similar to those issued under the TARP were trading in

6750-549: The Dodge Dart and Chrysler 200 sedans, FCA US elected to pay $ 77 million in fines for violating the anti-backsliding provision of fuel economy standards set under the Energy Independence and Security Act of 2007 for its model year 2016 fleet. It was again fined for the 2017 model year for not meeting the minimum domestic passenger car standard. FCA described the $ 79 million civil penalty as "not expected to have

6885-509: The FDIC and the Federal Reserve have also agreed to guarantee a $ 306 billion portfolio of assets owned by Citigroup. The CBO also estimated the subsidy cost for transactions under TARP. The subsidy cost is defined as, broadly speaking, the difference between what the Treasury paid for the investments or lent to the firms and the market value of those transactions, where the assets in question were valued using procedures similar to those specified in

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7020-535: The Federal Credit Reform Act (FCRA), but adjusting for market risk as specified in the EESA. The CBO estimated that the subsidy cost of the $ 247 billion in transactions before December 31, 2008, amounts to $ 64 billion. As of August 31, 2015, TARP is projected to cost approximately $ 37.3 billion total—significantly less than the $ 700 billion originally authorized by Congress. The May 2015 report of

7155-662: The Federal Reserve's Term Asset-Backed Securities Loan Facility (TALF). The initial size of the Public Private Investment Partnership was projected to be $ 500 billion. Economist and Nobel Prize winner Paul Krugman had been very critical of this program arguing the non-recourse loans lead to a hidden subsidy that will be split by asset managers, banks' shareholders and creditors. Banking analyst Meredith Whitney argued that banks will not sell bad assets at fair market values because they are reluctant to take asset write downs. Economist Linus Wilson,

7290-476: The French Simca , British Rootes , and Spanish Barreiros companies, merging them into Chrysler Europe in 1967. In the 1970s, an engineering partnership was established with Mitsubishi Motors , and Chrysler began selling Mitsubishi vehicles branded as Dodge and Plymouth in North America. Chrysler struggled to adapt to the changing environment of the 1970s. When consumer tastes shifted to smaller cars in

7425-597: The Jeep Grand Cherokee and Dodge Durango, is the only car manufacturing plant of any company remaining entirely in Detroit (General Motors operates a plant that is partly in Detroit and partly in Hamtramck). In 2011, Eminem settled a lawsuit against Audi alleging the defendant had ripped off the Chrysler 300 Super Bowl commercial in the Audi A6 Avant ad. Again in 2012, Chrysler advertised during

7560-650: The Marshall Mathers Foundation. In March 2011, Chrysler Group LLC filed a lawsuit against Moda Group LLC (owner of Pure Detroit clothing retailer) for copying and selling merchandise with the "Imported from Detroit" slogan. Chrysler claimed it had notified defendant of its pending trademark application February 14, but the defendant argued Chrysler had not secured a trademark for the "Imported From Detroit" phrase. On June 18, 2011, U.S. District Judge Arthur Tarnow ruled that Chrysler's request did not show that it would suffer irreparable harm or that it had

7695-682: The Rambler ran fine in warm weather, but suffered hard starting in cooler temperatures and AMC decided not to use this EFI system on its 1957 Rambler Rebel production cars that were sold to the public. Chrysler also used the Bendix "Electrojector" fuel injection system and only around 35 vehicles were built with this option, on its 1958 production-built car models. Owners of EFI Chryslers were so dissatisfied that all but one were retrofitted with carburetors (while that one has been completely restored, with original EFI electronic problems resolved). The Valiant

7830-750: The Secretary, after consultation with the Chairman of the Board of Governors of the Federal Reserve System, determines the purchase of which is necessary to promote financial market stability, but only upon transmittal of such determination, in writing, to the appropriate committees of Congress". In short, this allows the Treasury to purchase illiquid, difficult-to-value assets from banks and other financial institutions. The targeted assets can be collateralized debt obligations , which were sold in

7965-645: The Senate approved changes to the TARP that prohibited firms receiving TARP funds from paying bonuses to their 25 highest-paid employees. The measure was proposed by Christopher Dodd of Connecticut as an amendment to the $ 900 billion economic stimulus act then waiting to be passed. On February 10, the newly confirmed Secretary of the Treasury Timothy Geithner outlined his plan to use the remaining $ 300 billion or so in TARP funds. He intended to direct $ 50 billion towards foreclosure mitigation and use

8100-447: The TARP but expressed concerns about the difficulty of properly overseeing the complex program in addition to his regular responsibilities. Thorson called oversight of TARP a "mess" and later clarified this to say "The word 'mess' was a description of the difficulty my office would have in providing the proper level of oversight of the TARP while handling its growing workload, including conducting audits of certain failed banks and thrifts at

8235-468: The TARP to Congress stated that $ 427.1 billion had been disbursed, total proceeds by April 30, 2015, were $ 441.8 billion, exceeding disbursements by $ 14.1 billion, though this included $ 17.7 billion in non-TARP AIG shares. The report predicted a total net cash outflow of $ 37.7 billion (excluding non-TARP AIG shares), based on the assumption the TARP housing programs' ( Hardest Hit Fund , Making Home Affordable and FHA refinancing) funds are fully taken up. Debt

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8370-692: The TARP totaled $ 247 billion. According to the CBO's report, the Treasury had purchased $ 178 billion in shares of preferred stock and warrants from 214 U.S. financial institutions through its Capital Purchase Program (CPP). This included the purchase of $ 40 billion of preferred stock in AIG, $ 25 billion of preferred stock in Citigroup, and $ 15 billion of preferred stock in Bank of America. The Treasury also agreed to lend $ 18.4 billion to General Motors and Chrysler. The Treasury,

8505-415: The Treasury to purchase or insure up to $ 700 billion of "troubled assets," defined as "(A) residential or commercial obligations will be bought, or other instruments that are based on or related to such mortgages, that in each case was originated or issued on or before March 14, 2008, the purchase of which the Secretary determines promotes financial market stability; and (B) any other financial instrument that

8640-548: The Treasury Secretary in that it was relatively easier and seemingly boosted lending more quickly. The first half of the asset purchases may not be effective in getting banks to lend again because they were reluctant to risk lending as before with low lending standards. To make matters worse, overnight lending to other banks came to a relative halt because banks did not trust each other to be prudent with their money. On November 12, 2008, Paulson indicated that reviving

8775-437: The Treasury include Goldman Sachs Group Inc. , Morgan Stanley , J.P. Morgan Chase & Co. , Bank of America Corp. (which had just agreed to purchase Merrill Lynch ), Citigroup Inc. , Wells Fargo & Co. , Bank of New York Mellon and State Street Corp. The Bank of New York Mellon is to serve as master custodian overseeing the fund. The U.S. Treasury maintains an official list of TARP recipients and proceeds to

8910-505: The Treasury itself. The concept of future gains from troubled assets comes from the hypothesis in the financial industry that these assets are oversold, as only a small percentage of all mortgages are in default, while the relative fall in prices represents losses from a much higher default rate. The Emergency Economic Stabilization Act of 2008 (EESA) requires financial institutions selling assets to TARP to issue equity warrants (a type of security that entitles its holder to purchase shares in

9045-448: The U.S. Treasury will provide the remaining assets. The second program was called the legacy securities program, which would buy residential mortgage backed securities (RMBS) that were originally rated AAA and commercial mortgage-backed securities (CMBS) and asset-backed securities (ABS) which were rated AAA. The funds would come in many instances in equal parts from the U.S. Treasury's TARP monies, private investors, and from loans from

9180-490: The U.S. government five years early, although the cost to the American taxpayer was $ 1.3 billion. Over the next few years, Fiat S.p.A. gradually acquired the other parties' shares. In January 2014, Fiat acquired the rest of Chrysler from the United Auto Workers retiree health trust, making Chrysler Group a subsidiary of Fiat S.p.A. In May 2014, Fiat Chrysler Automobiles was established by merging Fiat S.p.A. into

9315-486: The U.S. purchase of eligible Chrysler, Jeep, and Dodge vehicles, customers could enroll in the program and receive a gas card that immediately lowers their gas price to $ 2.99 a gallon, and keeps it there for the three years. Chrysler plans for Lancia to codevelop products, with some vehicles being shared. Olivier Francois, Lancia's CEO, was appointed to the Chrysler division in October 2009. Francois plans to reestablish

9450-418: The U.S., trademark rights are acquired by use in commerce, but there can be substantial benefits to filing a trademark application. Sole proprietors are the most common users of DBAs. Sole proprietors are individual business owners who run their businesses themselves. Since most people in these circumstances use a business name other than their own name, it is often necessary for them to get DBAs. Generally,

9585-540: The United States and Canadian governments. The US Treasury, through the Troubled Asset Relief Program (TARP), invested $ 12.5 billion in Chrysler and recovered $ 11.2 billion when the company shares were sold in May 2011, resulting in a $ 1.3 billion loss. On July 21, 2011, Fiat bought the Chrysler shares held by the US Treasury. The purchase made Chrysler foreign-owned again, this time as the luxury division. The Chrysler 300

9720-768: The auto unions, the loans were repaid with interest in 1983. In November 1983, the Dodge Caravan/Plymouth Voyager was introduced, establishing the minivan as a major category, and initiating Chrysler's return to stability. In 1985, Diamond-Star Motors was created, further expanding the Chrysler-Mitsubishi relationship. In 1985, Chrysler entered an agreement with American Motors Corporation to produce Chrysler M platform rear-drive, as well as Dodge Omnis front wheel drive cars, in AMC's Kenosha, Wisconsin , plant. In 1987, Chrysler acquired

9855-415: The bill limits ' golden parachutes ' and requires that unearned bonuses be returned." The fund had an Oversight Board so that the U.S. Treasury cannot act in an arbitrary manner. There was also an inspector general to protect against waste, fraud and abuse. CAMELS ratings (US supervisory ratings used to classify the nation's 8,500 banks) were being used by the United States government in response to

9990-455: The capital markets at fair values" and employed multiple approaches to cross-check and validate the results. The value was estimated for each security as of the time immediately following the announcement by Treasury of its purchase. For example, the COP found that the Treasury bought $ 25 billion of assets from Citigroup on October 14, 2008, however, the actual value was estimated to be $ 15.5, creating

10125-432: The capitalization program will end up culling banks in their districts. However, The Wall Street Journal suggested that some lawmakers are actively using TARP to funnel money to weak regional banks in their districts. Academic studies have found that banks and credit unions located in the districts of key Congress members had been more likely to win TARP money. Known aspects of the capitalization program "suggest that

10260-493: The company countered the accusations, and the chairman and CEO Sergio Marchionne sternly rejected them. The following day, shares rose as investors played down the effect of the accusations. Analysts gave estimates of potential fines from several hundred million dollars to $ 4 billion, although the likelihood of a hefty fine was low. Senior United States Senator Bill Nelson urged the FTC to look into possible deceptive marketing of

10395-441: The company issuing the security for a specific price), or equity or senior debt securities (for non-publicly listed companies) to the Treasury. In the case of warrants, the Treasury will only receive warrants for non-voting shares, or will agree not to vote the stock. This measure was designed to protect the government by giving the Treasury the possibility of profiting through its new ownership stakes in these institutions. Ideally, if

10530-785: The company's action as a "prepackaged surgical bankruptcy". On June 10, 2009, substantially all of Chrysler's assets were sold to "New Chrysler", organized as Chrysler Group LLC. The federal government provided support for the deal with US$ 8 billion in financing at nearly 21%. Under CEO Sergio Marchionne , "World Class Manufacturing" or WCM, a system of thorough manufacturing quality, was introduced and several products were re-launched with quality and luxury. The Ram, Jeep, Dodge, SRT, and Chrysler divisions were separated to focus on their own identity and brand, and 11 major model refreshes occurred in 21 months. The PT Cruiser , Nitro , Liberty and Caliber models (created during DCX) were discontinued. On May 24, 2011, Chrysler repaid its $ 7.6 billion loans to

10665-581: The company's diesel-powered SUVs. Shares dropped 2.2% after the announcement. FCA US would in 2022, plead guilty to a criminal charge of conspiring to defraud the US, to wire fraud, and to violate the Clean Air Act. On July 21, 2018, Sergio Marchionne stepped down as chairman and CEO for health reasons, and was replaced by John Elkann and Michael Manley, respectively. As a result of ending domestic production of more fuel-efficient passenger automobiles such as

10800-537: The company's traditional four-make lineup to five (in order of price from bottom to top): Plymouth, Dodge, DeSoto, Chrysler, and the now-separate Imperial. In 1954, Chrysler was the exclusive provider of its Hemi engine in the Facel Vega , a Paris coachbuilder that offered their own line of hand-built luxury performance cars, with the PowerFlite and TorqueFlite transmissions offered. The Facel Vega Excellence

10935-537: The company. Chrysler Group LLC remained a subsidiary until December 15, 2014, when it was renamed FCA US LLC, to reflect the Fiat-Chrysler merger. As a result of the merger between FCA and PSA , on 17 January 2021 it became a subsidiary of the Stellantis Group . The Chrysler company was founded by Walter Chrysler on June 6, 1925, when the Maxwell Motor Company (est. 1904) was re-organized into

11070-534: The county or city to be registered with the State Corporation Commission. DBA statements are often used in conjunction with a franchise . The franchisee will have a legal name under which it may sue and be sued, but will conduct business under the franchiser's brand name (which the public would recognize). A typical real-world example can be found in a well-known pricing mistake case, Donovan v. RRL Corp. , 26 Cal. 4th 261 (2001), where

11205-494: The date of the Bear Stearns bailout. One of the more difficult issues that the Treasury faced in managing TARP was the pricing of the troubled assets. The Treasury had to find a way to price extremely complex and sometimes unwieldy instruments for which a market did not exist. In addition, the pricing had to strike a balance between efficiently using public funds provided by the government and providing adequate assistance to

11340-413: The day of the announcement rising by over six percent with the shares of bank stocks leading the way. P-PIP has two primary programs. The Legacy Loans Program will attempt to buy residential loans from bank's balance sheets. The Federal Deposit Insurance Corporation (FDIC) will provide non-recourse loan guarantees for up to 85 percent of the purchase price of legacy loans. Private sector asset managers and

11475-463: The early 1970s, particularly after the 1973 oil crisis , Chrysler could not meet the demand, although their compact models on the "A" body platform, the Dodge Dart and Plymouth Valiant , had proven economy and reliability and sold very well. Additional burdens came from increased US import competition, and tougher government regulation of car safety, fuel economy, and emissions. As the smallest of

11610-479: The economy had stabilized, the government sold its bank stock to private investors or the banks, and is estimated to have received approximately the same amount previously invested. In 1984, the government took an 80 percent stake in the nation's then seventh-largest bank Continental Illinois Bank and Trust. Continental Illinois made loans to oil drillers and service companies in Oklahoma and Texas. The government

11745-460: The effects of the TARP have been widely debated in large part because the purpose of the fund is not widely understood. A review of investor presentations and conference calls by executives of some two dozen US-based banks by The New York Times found that "few [banks] cited lending as a priority. Further, an overwhelming majority saw the program as a no-strings-attached windfall that could be used to pay down debt, acquire other businesses or invest for

11880-458: The ending of selected ads, the advertisement will say, "We Built This", indicating being built in America, instead of overseas. First introduced as MyGig, Chrysler Uconnect is a system that brings interactive ability to the in-car radio and telemetric-like controls to car settings. As of mid-2015, it was installed in hundreds of thousands of Fiat Chrysler vehicles. It connects to the Internet via

12015-523: The fall of 1955 at its Sandusky Ohio plant. On September 28, 1957, Chrysler announced the first production electronic fuel injection (EFI), as an option on some of its new 1958 car models (Chrysler 300D, Dodge D500, DeSoto Adventurer, Plymouth Fury). The first attempt to use this system was by American Motors on the 1957 Rambler Rebel . Bendix Corporation 's Electrojector used a transistor computer brain modulator box, but teething problems on pre-production cars meant very few cars were made. The EFI system in

12150-580: The financial industry have been accused of not using the loaned dollars for its intended reason. Others further abused investors after the TARP legislation was passed by telling investors their money was invested in the federal TARP financial bailout program and other securities that did not exist. Neil Barofsky , Special Inspector General for the Troubled Asset Relief Program (SIGTARP), told lawmakers, "Inadequate oversight and insufficient information about what companies are doing with

12285-574: The financial institutions benefit from government assistance and recover their former strength, the government will also be able to profit from their recovery. Another important goal of TARP was to encourage banks to resume lending again at levels seen before the crisis, both to each other and to consumers and businesses. If TARP can stabilize bank capital ratios, it should theoretically allow them to increase lending instead of hoarding cash to cushion against future unforeseen losses from troubled assets. Increased lending equates to "loosening" of credit, which

12420-405: The financial institutions that need it. The Act encouraged the Treasury to design a program using market mechanisms to the extent possible. This had led to the expectation that the Treasury would use a reverse auction to price assets. Theoretically, the system would create a market price from bidders that would want to sell at the highest possible price, but also be able to make a sale, therefore

12555-512: The first $ 250 billion allotted to the program. The first allocation of the TARP money was primarily used to buy preferred stock, which was similar to debt in that it gets paid before common equity shareholders. This had led some economists to argue that the plan may be ineffective in inducing banks to lend efficiently. In the original plan, the government would buy troubled (also known as 'toxic') assets in insolvent banks and then sell them at auction to private investor and/or companies. This plan

12690-480: The first registered owner or retail lessee. The deal covered owner or lessee in U.S., Puerto Rico, and the Virgin Islands, for 2009 model year vehicles, and 2006, 2007, and 2008 model year vehicles purchased on or after July 26, 2007. Covered vehicles excluded SRT models, Diesel vehicles, Sprinter models, Ram Chassis Cab, Hybrid System components (including transmission), and certain fleet vehicles. The warranty

12825-592: The future." The article cited several bank chairmen as stating that they viewed the money as available for strategic acquisitions in the future rather than to increase lending to the private sector, whose ability to pay back the loans was suspect. PlainsCapital chairman Alan B. White saw the Bush administration's cash infusion as "opportunity capital", noting, "They didn't tell me I had to do anything particular with it." Moreover, while TARP funds have been provided to bank holding companies, those holding companies have only used

12960-419: The government hopes will restore order to the financial markets and improve investor confidence in financial institutions and the markets. As banks gain increased lending confidence, the interbank lending interest rates (the rates at which the banks lend to each other on a short-term basis) should decrease, further facilitating lending. TARP will operate as a "revolving purchase facility." The Treasury will have

13095-472: The government may be loosely defining what constitutes healthy institutions. [... Banks] that have been profitable over the last year are the most likely to receive capital. Banks that have lost money over the last year, however, must pass additional tests. [...] They are also asking if a bank has enough capital and reserves to withstand severe losses to its construction loan portfolio, nonperforming loans and other troubled assets." Some banks received capital with

13230-466: The government on a TARP website. Note that foreign-owned U.S. banks were not eligible. Beneficiaries of TARP include the following: Of these banks, JPMorgan Chase & Co., Morgan Stanley, American Express Co., Goldman Sachs Group Inc., U.S. Bancorp, Capital One Financial Corp., Bank of New York Mellon Corp., State Street Corp., BB&T Corp, Wells Fargo & Co. and Bank of America repaid TARP money. Most banks repaid TARP funds using capital raised from

13365-567: The issuance of equity securities and debt not guaranteed by the federal government. PNC Financial Services, one of the few profitable banks without TARP money, planned on paying their share back by January 2011, by building up its cash reserves instead of issuing equity securities. However, PNC reversed course on February 2, 2010, by issuing $ 3 billion in shares and $ 1.5-2 billion in senior notes in order to pay its TARP funds back. PNC also raised funds by selling its Global Investment Services division to crosstown rival The Bank of New York Mellon . In

13500-433: The late 1970s, it was saved by $ 1.5 billion in loan guarantees from the U.S. government. New CEO Lee Iacocca was credited with returning the company to profitability in the 1980s. In 1985, Diamond-Star Motors was created, further expanding the Chrysler-Mitsubishi relationship. In 1987, Chrysler acquired American Motors Corporation (AMC), which brought the profitable Jeep , as well as the newly formed Eagle , brands under

13635-402: The law is to protect the public from fraud, by compelling the business owner to first file or register his fictitious business name with the county clerk, and then making a further public record of it by publishing it in a newspaper. Several other states, such as Illinois , require print notices as well. In Uruguay , a trade name is known as a nombre fantasía , and the legal name of business

13770-518: The laws of the United States and if they have "significant operations" in the United States. The Treasury would need to define what institutions will be included under the term "financial institution" and what will constitute "significant operations". Companies that sell their bad assets to the government must have provided warrants so that the government would benefit from future growth of the companies. Certain institutions seemed to be guaranteed participation. These included: U.S. banks, U.S. branches of

13905-406: The mobile network of AT&T , providing the car with its own IP address. Internet connectivity using any Chrysler, Dodge, Jeep or Ram vehicle, via a Wi-Fi "hot-spot", is also available via Uconnect Web . According to Chrysler LLC, the hotspot range extends approximately 100 feet (30 m) from the vehicle in all directions, and combines both Wi-Fi and Sprint's 3G cellular connectivity. Uconnect

14040-620: The money leaves the program open to fraud, including conflicts of interest facing fund managers, collusion between participants and vulnerabilities to money laundering. In its October 2011 quarterly report to Congress, SIGTARP reported "more than 150 ongoing criminal and civil investigations". SIGTARP had already achieved criminal convictions of 28 defendants (19 had already been sentenced to prison), and civil cases naming 37 individuals and 18 corporate/legal entities as defendants. It had recovered $ 151 million, and prevented $ 553 million going to Colonial Bank , which failed. The first TARP fraud case

14175-402: The mortgages themselves and the various financial instruments created by pooling groups of mortgages into one security to be bought on the market. This category probably included foreclosed properties as well. Real estate and mortgage-related assets (and securities based on those kinds of assets) were eligible if they originated (that is, were created) or were issued on or before March 14, 2008,

14310-461: The named defendant, RRL Corporation, was a Lexus car dealership doing business as " Lexus of Westminster ", but remaining a separate legal entity from Lexus, a division of Toyota Motor Sales, USA, Inc. . In California , filing a DBA statement also requires that a notice of the fictitious name be published in local newspapers for some set period of time to inform the public of the owner's intent to operate under an assumed name . The intention of

14445-568: The post on March 30, 2011. The Treasury retained the law firms of Squire, Sanders & Dempsey and Hughes, Hubbard & Reed to assist in the administration of the program. Accounting and internal controls support services have been contracted from PricewaterhouseCoopers and Ernst and Young under the Federal Supply Schedule. The Act's criterion for participation stated that "financial institutions" will be included in TARP if they are "established and regulated" under

14580-425: The price must set a low enough price to be competitive. The Treasury was required to publish its methods for pricing, purchasing, and valuing troubled assets no later than two days after the purchase of their first asset. The Congressional Budget Office (CBO) used procedures similar to those specified in the Federal Credit Reform Act (FCRA) to value assets purchased under the TARP. In a report dated February 6, 2009,

14715-634: The rejuvenation of the entire product lineup, which included the new, redesigned, and repackaged 2011 model year 200 sedans and 200 convertibles, the Chrysler 300 sedan, and the Chrysler Town & Country minivan. As part of the campaign, Chrysler sold a line of clothing items featuring the Monument to Joe Louis , with proceeds being funneled to Detroit-area charities, including the Boys and Girls Clubs of Southeast Michigan, Habitat for Humanity Detroit and

14850-414: The rest to help fund private investors to buy toxic assets from banks. Nevertheless, this highly anticipated speech coincided with a nearly 5 percent drop in the S&P 500 and was criticized for lacking details. Geithner announced on March 23, 2009, a Public-Private Investment Program (P-PIP) to buy toxic assets from banks' balance sheets. The major stock market indexes in the United States rallied on

14985-471: The same time that efforts are underway to nominate a special inspector general." Neil Barofsky , an Assistant United States Attorney for the Southern District of New York , was nominated to be the first Special Inspector General for the Troubled Asset Relief Program (SIGTARP). He was confirmed by the Senate on December 8, 2008, and was sworn into office on December 15, 2008. He stepped down from

15120-533: The securitization market for consumer credit would be a new priority in the second allotment. On December 19, 2008, President Bush used his executive authority to declare that TARP funds could be spent on any program that Paulson, deemed necessary to alleviate the 2007–2008 financial crisis . On December 31, 2008, the Treasury issued a report reviewing Section 102, the Troubled Assets Insurance Financing Fund, also known as

15255-497: The successful Dodge line of automobiles and Fargo range of trucks. By the mid-1930s, the DeSoto and Dodge divisions would trade places in the corporate hierarchy. The Imperial name had been used since 1926 but was never a separate make, just the top-of-the-line Chrysler. However, in 1955, the company decided to offer it as its own make/brand and division to better compete with its rivals, Lincoln and Cadillac . This addition changed

15390-459: The surname(s) of the sole trader or partners, or the legal name of a company. The Companies Registration Office publishes a searchable register of such business names. In Japan , the word yagō ( 屋号 ) is used. In Colonial Nigeria , certain tribes had members that used a variety of trading names to conduct business with the Europeans. Two examples were King Perekule VII of Bonny , who

15525-469: The term trade name to refer to "doing business as" (DBA) names. In most U.S. states now, however, DBAs are officially referred to using other terms. Almost half of the states, including New York and Oregon , use the terms assumed business name or assumed name ; nearly as many, including Pennsylvania , use the term fictitious name . For consumer protection purposes, many U.S. jurisdictions require businesses operating with fictitious names to file

15660-402: The time. Among the innovations in its early years were the first practical mass-produced four-wheel hydraulic brakes, a system nearly completely engineered by Chrysler with patents assigned to Lockheed , and rubber engine mounts, called " Floating Power " to reduce vibration. Chrysler also developed a wheel with a ridged rim , designed to keep a deflated tire from flying off the wheel. This wheel

15795-486: The total cost, including grants for mortgage programs that have not yet been made, would be $ 24 billion. On December 19, 2014, the U.S. Treasury sold its remaining holdings of Ally Financial , essentially ending the program. Through the Treasury, the US Government actually booked $ 15.3 billion in profit, as it earned $ 441.7 billion on the $ 426.4 billion invested. TARP allowed the United States Department of

15930-542: The understanding the banks would try to find a merger partner. To receive capital under the program banks are also "required to provide a specific business plan for the next two or three years and explain how they plan to deploy the capital". TARP allowed the Treasury to purchase both "troubled assets" and any other asset the purchase of which the Treasury determined was "necessary" to further economic stability. Troubled assets included real estate and mortgage-related assets and securities based on those assets. This included both

16065-681: The value of the financial institution; (2) required clawback of any bonus or incentive compensation paid to a senior executive based on statements of earnings, gains or other criteria that are later proven to be materially inaccurate; (3) prohibition on the financial institution from making any golden parachute payment to a senior executive based on the Internal Revenue Code provision; and (4) agreement not to deduct for tax purposes executive compensation in excess of $ 500,000 for each senior executive". The Treasury also bought preferred stock and warrants from hundreds of smaller banks, using

16200-489: Was a four-door hardtop with rear-hinged coach doors that listed for US$ 12,800 ($ 135,175 in 2023 dollars ). On April 28, 1955, Chrysler and Philco announced the development and production of the World's First All-Transistor car radio. The all-transistor car radio, Mopar model 914HR, developed and produced by Chrysler and Philco, was a $ 150 option on the 1956 Imperial automobile models. Philco began manufacturing this radio in

16335-480: Was acquired by Fiat S.p.A. ; it subsequently operated as a subsidiary of the new Fiat Chrysler Automobiles ("FCA"), then as a subsidiary of Stellantis , the company formed from the 2021 merger of FCA and PSA Group (Peugeot Société Anonyme). After founding the company, Walter Chrysler used the General Motors brand diversification and hierarchy strategy that he had become familiar with when he worked in

16470-525: Was also introduced for the 1960 model year as a distinct brand. In the U.S. market, Valiant was made a model in the Plymouth line for 1961 and the DeSoto make was discontinued in 1961. With those exceptions per applicable year and market, Chrysler's range from lowest to highest price from the 1940s through the 1970s was Valiant, Plymouth, Dodge, DeSoto, Chrysler, and Imperial. From 1963 through 1969, Chrysler increased its existing stakes to take full control of

16605-551: Was also to pay affected consumers up to $ 280 million and offer extended warranties on such vehicles worth $ 105 million. The total value of the settlement was about $ 800 million, though FCA did not admit liability, and it did not resolve an ongoing criminal investigation. In February 2024, Chrysler unveiled a concept for its first electric vehicle, the Chrysler Halcyon , a battery-electric sedan. As of 2022, management positions of Stellantis North America include: Chrysler

16740-558: Was badged Lancia Thema in some European markets (with additional engine options), giving Lancia a much-needed replacement for its flagship. On January 21, 2014, Fiat bought the remaining shares of Chrysler owned by the VEBA worth $ 3.65 billion. Several days later, the intended reorganization of Fiat and Chrysler under a new holding company, Fiat Chrysler Automobiles , together with a new FCA logo were announced. The most challenging launch for this new company came immediately in January 2014 with

16875-630: Was brought by the SEC on January 19, 2009, against Nashville-based Gordon Grigg and his firm ProTrust Management. The latest occurred in March 2010, with the FBI claiming Charles Antonucci, the former president and chief executive of the Park Avenue Bank, made false statements to regulators in an effort to obtain about $ 11 million from the fund. The nearest parallel action the federal government has taken

17010-589: Was brought in to turn the company around, and in 1979 Iacocca sought US government help. Congress later passed the Loan Guarantee Act providing $ 1.5 billion in loan guarantees. The Loan Guarantee Act required that Chrysler also obtain $ 2 billion in concessions or aid from sources outside the federal government, which included interest rate reductions for $ 650 million of the savings, asset sales of $ 300 million, local and state tax concessions of $ 250 million, and wage reductions of about $ 590 million along with

17145-552: Was closely followed by the rest of Europe, as well as the U.S Government, who on the October 14 announced a $ 250bn (£143bn) Capital Purchase Program to buy stakes in a wide variety of banks in an effort to restore confidence in the sector. The money came from the $ 700bn Troubled Asset Relief Program. To qualify for this program, the Treasury required participating institutions to meet certain criteria, including: "(1) ensuring that incentive compensation for senior executives does not encourage unnecessary and excessive risks that threaten

17280-476: Was estimated to have lost $ 1 billion because of Continental Illinois, which ultimately became part of Bank of America . The $ 24 billion for the estimated subsidy cost of TARP was less than the government's cost for the savings and loan crisis of the late 1980s, although the subsidy cost does not include the cost of other "bailout" programs (such as the Federal Reserve 's Maiden Lane Transactions and

17415-422: Was eventually adopted by the auto industry worldwide. The Maxwell brand was dropped after the 1925 model year, with the new, lower-priced four-cylinder Chryslers introduced for the 1926 year being badge-engineered Maxwells. The advanced engineering and testing that went into Chrysler Corporation cars helped to push the company to the second-place position in U.S. sales by 1936, which it held until 1949. In 1928,

17550-586: Was in investments made by the Reconstruction Finance Corporation (RFC) in the 1930s. The RFC, an agency chartered during the Herbert Hoover administration in 1932, made loans to distressed banks and bought stock in 6,000 banks, totalling $ 1.3 billion. The New York Times, citing finance experts on October 13, 2008, noted that, "A similar effort these days, in proportion to today's economy, would be about $ 200 billion." When

17685-553: Was known as Captain Pepple in trade matters, and King Jubo Jubogha of Opobo , who bore the pseudonym Captain Jaja . Both Pepple and Jaja would bequeath their trade names to their royal descendants as official surnames upon their deaths. In Singapore , there is no filing requirement for a "trading as" name, but there are requirements for disclosure of the underlying business or company's registered name and unique entity number. In

17820-500: Was named DaimlerChrysler Motors Company LLC, with its U.S. operations generally called "DCX". The Eagle brand was retired soon after Chrysler's merger with Daimler-Benz in 1998 Jeep became a stand-alone division, and efforts were made to merge the Chrysler and Jeep brands as one sales unit. In 2001, the Plymouth brand was also discontinued. Eurostar also built the Chrysler PT Cruiser in 2001 and 2002. The Austrian venture

17955-418: Was necessary. The remaining $ 350 billion may be released to the Treasury upon a written report to Congress from the Treasury with details of its plan for the money. Congress then had 15 days to vote to disapprove the increase before the money will be automatically released. Privately held mortgages would be eligible for other incentives, including a favorable loan modification for five years. The authority of

18090-638: Was scratched when United Kingdom's Prime Minister Gordon Brown came to the White House for an international summit on the global credit crisis. Prime Minister Brown, in an attempt to mitigate the credit squeeze in England, planned a package of three measures consisting of funding, debt guarantees and infusing capital into banks via preferred stock. The objective was to directly support banks' solvency and funding; in some economists' view, effectively nationalizing many banks. This plan seemed attractive to

18225-486: Was sold to Magna International in 2002 and became Magna Steyr . The Voyager continued in production until 2007, whereas the Chrysler 300C , Jeep Grand Cherokee , and Jeep Commander were also built at the plant from 2005 until 2010. On May 14, 2007, DaimlerChrysler announced the sale of 80.1% of Chrysler Group to American private equity firm Cerberus Capital Management , L.P., thereafter known as Chrysler LLC, although Daimler (renamed as Daimler AG ) continued to hold

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