In 1979, Chrysler reported a $1.1 billion loss, forcing the company’s CEO Lee Iacocca to ask for a bailout from Congress.
In 1980, the Chrysler Loan Guarantee Act was passed, giving the company $1.5 billion in loans to prevent a bankruptcy protection filing. Iacocca rebuilt the company, and repaid the loans.
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Chrysler's First Bailout
Photo: AP