and America takes another one in the........
Posted on 06/03/2011 3:39:49 AM PDT by EBH
Chrysler Group LLC, newly profitable and confident in its revamped products, will soon sever its ties with the U.S. government after most -- but not all -- of the bailout loans it got two years ago are repaid.
Italian automaker Fiat SpA agreed late Thursday to buy the U.S. Treasury's 6 percent interest in Chrysler for $500 million. Once the deal closes, the government will no longer hold a stake in the auto company.
The U.S. government will ultimately lose around $1.3 billion in the deal. The government authorized $12.5 billion in loans for Chrysler from the end of 2008 through Chrysler's bankruptcy filing in the summer of 2009. The Treasury Department said Thursday that Chrysler has repaid $11.2 billion -- including $2 billion in undrawn loans -- but it is unlikely to recover the rest.
"We didn't do this to maximize return. We did it to save jobs," Treasury Secretary Timothy Geithner said during a trip to Detroit in April.
(Excerpt) Read more at finance.yahoo.com ...
Both Chrysler and Gm died to me when they went nazi.
Easy answer, how many jobs did $1.3 billion buy? Where did that $1.3 billion come from?
This is crony capitalism aka fascism.
That's exactly what they did. And they are darn proud of it too.
and America takes another one in the........
Me too. There is 0% chance of me ever again buying a new Chrysler or GM product.
I had a FREEPER argue ad nauseum with me about the future of Chrysler and he even claimed “Chrysler is THE Premier Automaker in America”. I guess now he’ll have to claim that Fiat is now the Premier Automaker of America! HA! Chrysler is dead to me too, as is GM. Actually I’m not fond of ANY Union built vehicles. In this stinky deal the UNIONS got the MONEY, The DEMOCRATS got the VOTES and the TAXPAYER got the BILL! What else is new?
Buy American.
Thanks for the suggestion, but if it means enriching the Unions and their goons and indirectly funding the Democrats then I’m afraid I’ll have to pass. I’d rather give my money to the Japanese or Germans; I’ll get a superior product and won’t be contributing to the election of the clowns that what to enslave me. You feel free to buy what you like though.
“I’d rather give my money to the Japanese or Germans”
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Honest, if repellent.
Remember that, when you’re trying to explain to your grandkids that America once was great, rich and powerful.
Sending our factories and jobs to other countries, is leading America to national ruin.
But at least you brought down some union workers along the way...
/s
Keep in mind they LOST 1.3 BILLION on the deal.
How many jobs were they trying to “save”?
Granted the overpaid Union monkeys who are doing a monkey’s job with power tools and computers that make it so easy even a monkey could do it. (Did I mention Union members are monkeys?)
Now counting for a $50,000 salary...hahahahahahaha... yeah, I know.,,, hahahaha... i’m Hil-Arious. To think that monkeys who turn bolts would settle for a mere $50,000. Anyway....
That’s 26,000 jobs for that 1.3 billion.
So. Yeah. Was it worth it?
The bailouts and illegal restructurings at GM and Chrysler were done to preserve the UAW which may not have survived the bankruptcy process. This administration does not make a move without instructions from the AFL-CIO or the SEIU.
I told you straight forth I’d prefer to give my money to the Japanese or Germans as opposed to the Unions and Democrats. Should I assume since you think my stance unreasonable that you prefer to support the Unions and Democrats? Why do you suspect jobs have gone overseas? Do you agree with the Left that it’s just “Big Auto/Pharma/Oil, etc., etc.” being greedy or perhaps the demands of Unions simply made it impossible to profitably manufacture anything here. I believe the latter. Your “Buy American at all costs because it’s for the children” stance may be exactly what ensures your kids and grandkids a job alright...as a government slave in a government factory. But hey, it’s a job!
I agree. I will buy Toyota, Honda, Nissan, BMW, Kia, and Ford.
I will never again buy GM or Chrysler. They are not American. They are UAW/Communist and complicit in the destruction of America at our critical moment in history. Scr*w them.
Even though Ford is UAW, at least their management held tough. But because it is staffed by UAW woikers it has become my last choice.
Nowadays, I look for the "UNION LABEL" and buy something else. I refuse to contribute to my own destruction. I do that enough with my taxes but I am forced to do that.
I wish the Jeep division would become a separate independent entity.
Ditto.
Chrysler went to the public trough twice too often. That is a management problem. Until Chrysler share holders clean house I will never consider buying a Chrysler product.
As for GM—that bunch of lying pseudo car merchants can kiss my butt. GM needs to disappear. Its “without a clue” leadership—management and board of directors—should be prosecuted for fraud and mismanagement. I remember a GM add a couple of springs ago in which the GM CEO claimed GM had paid back the stimulous money. That was lie.
People who buy GM and Chrysler products are directly aiding and abetting a Marxist take over of America. And please don’t tell me you’re doing it to aid American companies or workers.
GM is about as American as Stalin. And, guess what, most if not all those whose jobs are affected will be able to find work at other car manufacturers. Of course, they’ll only be able to do that if they they accept jobs in “right to work” companies and/or states.
Well said!
Because no one would buy a company with that much debt. The taxpayers eat the debt and Fiat buys the company debt free. It was the plan all along.
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