Funny how we are NOT hearing about that Chrysler WONT pay back the TARP...

3,668
11
Joined Oct 5, 2007
By Chris Isidore, CNNMoney.com senior writer
May 5, 2009: 4:54 PM ET

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. 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.





Nice to know my tax money went to another failed Gov't program. Too big to fail, huh?

So let's review...

Auto company was bailed out and still is going into bankruptcy. 10 of the 19 Banks FAILED "Stress Tests", which means they need MORE money.

So now the US Gov't is going to print $7 billion to pay themselves back.
 

mac a roni

Banned
3,420
10
Joined Feb 2, 2009
[color= rgb(102, 0, 153)]The tax $$$ wasted should've gone to all the bills the taxpayers had owed[/color]
 

tmukg21

Banned
4,017
10
Joined Apr 23, 2008
Literally, where did the money go?

I'm so good with bankruptcy subjects
 
3,668
11
Joined Oct 5, 2007
Originally Posted by tmukg21

Literally, where did the money go?

I'm so good with bankruptcy subjects


We will never know. If the Gov't has a hand in something it is GUARANTEED that they wont be audited.
 
911
10
Joined Mar 19, 2009
and Obama wants the government to have even MORE control....yet every example in history confirms that when government steps in to regulate the private sector,failure is imminent.
 
2,861
100
Joined Oct 31, 2008


but the same will happen to General Motors.

All that money could had been used to have another stimulus this year. Created Jobs, or even increased Unemployment Benefits
 
30,820
5,553
Joined Aug 2, 2008
Yes, it is funny...

But funny we don't remember how getting into a fake war costs us that in a month...


You guys expect the banks to get out of the rubble themselves?? Without new regulation, or some form of government intervention? Herbert Hoover on line 1 foryou.
 
Top Bottom
  AdBlock Detected

Sure, ad-blocking software does a great job at blocking ads, but it also blocks some useful and important features of our website. For the best possible site experience please take a moment to disable your AdBlocker or head over to our upgrade page to donate for an ad-free experience Upgrade now