Chrysler Bail-Out: $1.3 Billion Loss

[Gerry Clinchy]

http://www.foxnews.com/politics/2011/07/21/us-government-ends-chrysler-investment/



Treasury provided a total of $12.5 billion to Chrysler and its financing arm after the recession hampered auto sales and sent Chrysler and General Motors to the brink of collapse. The funds came from the government's $700 billion bank (http://www.foxnews.com/politics/2011/07/21/us-government-ends-chrysler-investment/#) bailout fund.

Since then, $11.2 billion of the assistance has been repaid, Treasury said. Chrysler repaid $5.1 billion in loans from the government in May. But the $1.3 billion remaining is unlikely to be recovered, Treasury said.




The purchase of the government's stake gives Fiat 52 percent ownership of Chrysler. That's likely to rise to 57 percent before the end of the year when Chrysler begins producing a 40 mpg small car in the U.S.

Fiat received a 20 percent stake in Chrysler after the bankruptcy in exchange for management (http://www.foxnews.com/politics/2011/07/21/us-government-ends-chrysler-investment/#) expertise and technology. The Italian automaker has gradually raised its stake by meeting benchmarks set by the government.


Taxpayer money was used to "give" an Italian company a controlling interest in a US auto maker?

[huntinman]

It really says something that this does not even make anyone raise their eyebrows anymore. Obama has done so much unbelivable stuff to this country since being elected that we are starting to get used to it. We have got to get him out of the oval ofice in 2012.

[Franco]

Prior to Fiat, which also mfg's Farrari and Masaratti purchased Chrysler Corp out of bankruptcy, it was owned by Damlier Benz. Last time I checked, they were a Germany company.

Y'all heard of Mercedes Benz, haven't ya? Favorite ride of the SS;-)

[huntinman]

Prior to Fiat, which also mfg's Farrari and Masaratti purchased Chrysler Corp out of bankruptcy, it was owned by Damlier Benz. Last time I checked, they were a Germany company.

Y'all heard of Mercedes Benz, haven't ya? Favorite ride of the SS;-)

yes, but they bought it with their own damn money. Obama and his minions pretty much gave Chrysler away and we are paying for a long time to come for what he did.

[Franco]

A 1.3 billion loss/expense for keeping the plants operating in the US and the jobs created by those businesses that support the industry is a bargain. No telling how much tax payer money would be going to unemployment benefits.

What is criminal is the 35 billion still owed by Government Motors. Tax payers owning stock in a company controlled by the UAW is a losing proposition. Not to mention the illegal theft from GM stockholders during the government takeover.

[luvmylabs23139]

The secured bond holders of Chrysler were screwed by Bumma and his henchmen.
1.3 billion is not all that the american public lost. Many of those SECURED bonds were owned by pension funds etc. That socialist stole from the bondholders and gave to his UNION buddies. Redistribution at its finest.
Impeach the bum now!

[dback]

Not to mention the illegal theft from GM stockholders during the government takeover.

I be one of them.......I'm dehydrated from trying to spit on every new GM I see while walking through parking lots. :shock: ;-)

[Hew]

A 1.3 billion loss/expense for keeping the plants operating in the US and the jobs created by those businesses that support the industry is a bargain. No telling how much tax payer money would be going to unemployment benefits.
You couldn't see it, but I just did a Jerry Lewis pratfall after reading this.
"Hey Laaaaaaaaady!!!!!!!" indeed.

Is this neo-Libertarianism? Because I'm not familiar with any form of Libertarianism that would be even slighly accepting of the govt. interceeding with Chrysler...no matter whether they made 1.3 billion or lost 1.3 billion.

[huntinman]

You couldn't see it, but I just did a Jerry Lewis pratfall after reading this.
"Hey Laaaaaaaaady!!!!!!!" indeed.

Is this neo-Libertarianism? Because I'm not familiar with any form of Libertarianism that would be even slighly accepting of the govt. interceeding with Chrysler...no matter whether they made 1.3 billion or lost 1.3 billion.

Franco is a lot like DNF777, he claims to be one thing...but his words tell us what he really believes. All that weed has fried some brain cells:rolleyes:

[huntinman]

I be one of them.......I'm dehydrated from trying to spit on every new GM I see while walking through parking lots. :shock: ;-)

Me too... sold my wifes Cadillac and we bought her a Ford Explorer! No more Government Motors for us. I already had a Ford truck.