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Chrysler won't repay bailout money
CNN Money ^ | 5/5/09 | Chris Isidore

Posted on 05/05/2009 3:20:38 PM PDT by jimbo123

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.

(Excerpt) Read more at money.cnn.com ...


TOPICS: News/Current Events
KEYWORDS: automakers; bailouts; bankruptcy; bendoveramerica; chrysler; duplicate; legalrobbery; youpaidforthis
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To: jimbo123

A 7 billion taxpayer dollar UAW payoff.


21 posted on 05/05/2009 3:40:05 PM PDT by headstamp 2 (Spay or Neuter your liberal today!)
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To: jimbo123
The only fool that thought the tarp money was going to be paid back was a poster here that told me I was dead wrong. If I could remember who it was I'd ask him about it??
22 posted on 05/05/2009 3:40:45 PM PDT by org.whodat (Auto unions bad: Machinists union good=Hypocrisy)
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To: jimbo123

bump


23 posted on 05/05/2009 3:41:00 PM PDT by VOA
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To: Virginia Ridgerunner
But Paulson, Bernanke, and Gleithner all promised we’d get that money back....

Those three crooks need a taste of pitch fork!!!

24 posted on 05/05/2009 3:42:10 PM PDT by org.whodat (Auto unions bad: Machinists union good=Hypocrisy)
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To: popdonnelly
Ask george bush, he started the ball rolling.
25 posted on 05/05/2009 3:43:24 PM PDT by org.whodat (Auto unions bad: Machinists union good=Hypocrisy)
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To: jimbo123
Just a few billion down the rat-hole ... And why was bankruptcy not an option then, but is now. Could have saved the billions.
26 posted on 05/05/2009 3:45:34 PM PDT by Tarpon (You abolish your responsibilities, you surrender your rights.)
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