President Carter authorizes Chrysler bailout

President Carter authorizes Chrysler bailout

January 7, 2010 05:00:00 am

On January 7, 1980, President Jimmy Carter signed the Chrysler Corporation Loan Guarantee Act of 1979 (Public Law 96-185) into law.

The act granted to Chrysler $1.5 billion to save the company from bankruptcy. Twenty-eight years later in 2008, President George W. Bush authorized $17.4 billion to again bailout Chrysler in addition to the other two major American automobile manufacturers, Ford and General Motors.

THIS DAY @ LAW

Catholic priest Girolamo Savonarola burned at the stake

Radical Dominican friar Girolamo Savonarola was burned at the stake in the Republic of Florence on May 23, 1498 for preaching against the practices of the powerful within the Catholic Church, including Pope Alexander VI, and celebrating mass while excommunicated. Learn more about the life of Savonarola and his execution.

Captain Kidd hanged for piracy

On May 23, 1701, Captain William Kidd, convicted of piracy and murder, was hanged in London. His body was later tarred and hung up in a gibbet - an iron cage - at the mouth of the River Thames as a warning to others.

Learn more about Captain Kidd.

South Carolina becomes eighth U.S. state

On May 23, 1788, South Carolina ratified the US Constitution, becoming the eighth American state. Learn more about the history of South Carolina.