Chrysler Won't Repay Bailout Money

[red states rule]

I guess the thought process of Obama, Reid, Pelosi, and the Obama supporters were if you keep throwing money in it the hole will fill up sooner or later



Chrysler won't repay bailout money

An administration official confirms that a $4 billion bridge loan and $3.2 billion in bankruptcy financing won't be paid back by Chrysler following bankruptcy.


NEW YORK (CNNMoney.com) -- Chrysler LLC will not repay U.S. taxpayers more than $7 billion in bailout money it received earlier this year and as part of its bankruptcy filing.

This revelation was buried within Chrysler's bankruptcy filings last week and confirmed by the Obama administration Tuesday. The filings included a list of business assumptions from one of the company's key financial advisors in the bankruptcy case.

Some of the main assumptions listed by Robert Manzo of Capstone Advisory Group were that the Treasury would forgive a $4 billion bridge loan given to Chrysler in the closing days of the Bush administration, a $300 million fee on that loan, and the $3.2 billion in financing approved last week by the Obama administration to fund Chrysler's operations during bankruptcy.

An Obama administration official confirmed Tuesday that Chrysler won't be repaying the loans, though a portion of the bridge loan may be recovered by Treasury from the assets of Chrysler Financial, the former credit arm of the automaker which is essentially going out of business as part of the reorganization.

http://money.cnn.com/2009/05/05/news...ion=2009050519

[red states rule]

So we had our President tell us he was appropriating our money to keep Chrysler running AND that this would be a lone and promised wed be getting our money back.

After doing this he has taken control of the company. So it would be fairly reasonable to assume Obama is responsible for this decision that we will not be getting our money back.

It was a $7 billion payoff to the unions. Hope all the Obama voters are enjoying the change and are feeling stimulated

[crin63]

Apparently Obamas sycophant worshipers are so blinded by loyalty to his highness that they cant see the forest for the trees.

If a Republican administration had done these things they would be crucifying them in the media and here.

[red states rule]

Apparently Obamas sycophant worshipers are so blinded by loyalty to his highness that they cant see the forest for the trees.

If a Republican administration had done these things they would be crucifying them in the media and here.

What about the AIG bonuses Dems wrote into the "stimulus" bill - then acted upset about? At least they were BONUSES for work performed

Here we have a 0bama giving gifts to his faithful union thugs - and not a peep from the left or liberal media

Get use to the change folks - the bar tab is only starting to be added up.

And your great grand kids will still be paying on it long after the Chosen One is out of office

[red states rule]

Where are all the libs at? I thought they would jump to the Chosen One's defense here

More on Obama's villification of business


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[Immanuel]

Why should the repay it? Those who govern would simply waste it elsewhere. They may as well keep it and dole out Golden Parachutes to their top executives and let Congress try to make new laws to take it away from them.

Immie