Page 145 - The White House's Chrysler-Like Bailout for California Utilities (3 pages)
In early 2001, an energy crisis plunged California into turmoil. Prices skyrocketed, and several utilities teetered on the brink of insolvency. The Bush administration studied a wide variety of responses to the crisis. On Feb. 1, the White House requested that Treasury study the possibility of a bailout of the state's utilities, similar to the Chrysler bailout in 1980.