wage rollbacks and other concessions. The manufacturers were urging the federal government to restrict the import of foreign manufactured automobiles, and consumers were exhorted to buy American. These efforts were not enough for Chrysler, however, and the company announced that it was in grave danger of failing. It was in this environment that Chrysler requested that the federal government provide financial assistance for the company. The company sought assistance through a variety of existing programs, as well as loans and guarantees outside of the framework of existing programs (Freeman and Mendelowitz, 1982, pp. 443 453). Eventually, the federal government provided Chrysler with $1.5 billion in loan guarantees, which were conditioned upon additional commitments to the company of $2.1 billion in the forms of private credit extensions outside the loan guarantee framework, and concessions from the company's labor force. The credit guarantee was intended to provide the company the
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