Cheney Wanted Detroit-3 to Fail


The Detroit Bureau - August 29, 2011

Adamant­ly opposed to sav­ing GM and Chrysler, for­mer Vice Pres­i­dent Dick Cheney urged then-Pres­i­dent George Bush not to pro­vide bailout mon­ey to trou­bled OEMs. But Bush did approve $17.4 bil­lion for GM and Chrysler res­cues, as well as $7.5 bil­lion for GMAC and Chrysler Finan­cial. That amount car­ried the OEMs until ear­ly 2009, when new­ly-elect­ed Pres­i­dent Barack Oba­ma approved bil­lions more. While the for­mer vice pres­i­dent didn’t think the auto res­cue was valid, he favored sav­ing the banks even though many observers felt they had pre­cip­i­tat­ed the glob­al eco­nom­ic melt­down.

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