 In March, Obama's Treasury Secretary, Timothy Geithner, took further steps to manage the financial crisis, including introducing the Public-Private Investment Program for Legacy Assets, which contains provisions for buying up to two trillion dollars in depreciated real estate assets. Obama intervened in the troubled automotive industry in March 2009, renewing loans for General Motors and Chrysler to continue operations while reorganizing. Over the following months the White House set terms for both firms' bankruptcies, including the sale of Chrysler to Italian automaker Fiat and a reorganization of GM giving the U.S. government a temporary 60 percent equity stake in the company, with the Canadian government taking a 12 percent stake. In June 2009, dissatisfied with the pace of economic stimulus, Obama called on his cabinet to accelerate the investment. He signed into law the Car Allowance Rebate System, known colloquially as "Cash for Clunkers", that temporarily boosted the economy.
