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Jones was not even aware of the loans, which had been paid back.
The loans, which are usually for small amounts, generally work in a couple of ways.
So far, the United States opposes the loans, which would be used for sewerage and education.
The loans, which cannot exceed 2percentt of company assets, must be repaid when employees leave.
Mr. Farley is unapologetic about the loans, which he says are standard perks in corporate America.
Units of 19 banks received the loans, which were all repaid in full, according to the Fed.
The company expects to renegotiate the terms of the loans, which mature at the end of the year.
M-Pepea charges around 10% interest rates on the loans, which are paid in full at the end of the month.
Separately, Congress typically appropriates some money to help subsidize the loans, which are mostly paid for by borrower and lender fees.
The auto industry has rebounded since the federal government stepped in with the loans, which both Mr. Obama and President Bush supported.
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How to deal with the issue of the loans -- which advocates see as assisting ordinary Iranians -- represents the tricky nature of the administration's efforts to improve relations with Iran.
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