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Senior Contributor

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2 Replies
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Senior Contributor

Re: Chrysler Bailout - An economic necessity?

I understand it is typical for presidents to try to paint a rosy picture in times of trouble and embellish things just a wee bit.   However it looks like Obama may have fibbed just a wee bit when he claimed, “Chrysler has repaid every dime and more of what it owes the American taxpayer from the investment we made during my watch.”    By wee bit I mean $6.5 billion.

 

 

 

Chrysler received the following loans from the federal government:
January 2009: Chrysler receives $4 billion loan from TARP
January 2009: Chrysler financial receives $1.5 billion from the Treasury Department
May 2009: Chrysler receives a $1.9 billion debtor in possession loan from the Treasury Department
June 2009: Chrysler receives a $6.6 billion loan from the Treasury Department

Total loaned to Chrysler: $14 billion

Chrysler made the following payments to the federal government:
May 2010: Chrysler pays the Treasury Department $1.9 billion to settle their January 2009 loan.
May 2011: Chrysler pays the Treasury Department $5.1 billion as partial settlement for June 2009 loan.
June 2011: Chrysler pays the Treasury Department $560 million to settle the rest of the June 2009 loan.

Total paid back by Chrysler: $7.56 billion

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Veteran Advisor

Re: Chrysler Bailout - An economic necessity?

better look at the GM deals, too.

 

They were taking out advertisements claiming they were paying the money back ahead of schedule, while they were actually borrowing the money from the federal government to do so.

 

Even Orwell in 1984 did not have the governments so whacked out.