Another screw job of the taxpayer to the tune of $8B. I'm becoming more disappointed in the Obama administration by the day.
The White House confirmed yesterday that the $8 billion in "bridge loans" the U.S. taxpayer has given to Chrysler over the past six months, including $4 billion in bankruptcy financing, won't be paid back. Taxpayers also won't be getting a big slug of Chrysler stock in exchange.
Instead, the wreckage of Chrysler will be divided up among Fiat, Chrysler's unions, and Chrysler's debtholders. Which means that the taxpayers' $8 billion was just a gift to these three consitituencies.
http://www.businessinsider.com/henry-blodget-my-fellow-americans-thank-you-for-your-8-billion-gift-to-chrysler-2009-5
Printer-friendly format
Email this thread to a friend
Bookmark this thread
(1000+ posts)
Send PM |
Profile |
Ignore
