U.S. loses $1.3 billion in exiting Chrysler

Discussion in 'Current Events' started by Ringel05, Jul 21, 2011.

  1. Ringel05
    Offline

    Ringel05 Diamond Member

    Joined:
    Aug 5, 2009
    Messages:
    40,233
    Thanks Received:
    8,005
    Trophy Points:
    2,030
    Location:
    El Paso, TX
    Ratings:
    +17,348
    NEW YORK (CNNMoney) -- U.S. taxpayers likely lost $1.3 billion in the government bailout of Chrysler, the Treasury Department announced Thursday.

    The government recently sold its remaining 6% stake in the company to Italian automaker Fiat. It wrapped up the 2009 bailout that was part of the Troubled Asset Relief Program six years early.

    Taxpayers lose $1.3 billion as govt. exits Chrysler - Jul. 21, 2011
     
  2. CrusaderFrank
    Offline

    CrusaderFrank Diamond Member

    Joined:
    May 20, 2009
    Messages:
    81,175
    Thanks Received:
    14,905
    Trophy Points:
    2,210
    Ratings:
    +36,918
    Small price to pay to keep the UAW happy
     
  3. uscitizen
    Offline

    uscitizen Senior Member

    Joined:
    May 6, 2007
    Messages:
    45,941
    Thanks Received:
    4,791
    Trophy Points:
    48
    Location:
    My Shack
    Ratings:
    +4,807
    sucks but not as bad as the 6 billion or so just plain lost in Iraq.
     
  4. Zoom-boing
    Offline

    Zoom-boing Gold Member

    Joined:
    Oct 30, 2008
    Messages:
    25,062
    Thanks Received:
    7,260
    Trophy Points:
    260
    Location:
    East Japip
    Ratings:
    +10,122
    What would have happened to GM and Chrysler if they had restructured via bankruptcy but not received any taxpayer dollars?

    Also, they received TARP funds. Weren't those monies specifically intended for the banking industry?
     
    • Thank You! Thank You! x 1
  5. blastoff
    Offline

    blastoff Undocumented Reg. User

    Joined:
    Nov 12, 2009
    Messages:
    13,494
    Thanks Received:
    1,707
    Trophy Points:
    245
    Location:
    In a galaxy far far away...
    Ratings:
    +4,594
    Hey, if it makes the union stooges happy it's a small price to pay IMO. Look at it like they own a piece of the rock, er....I mean bumper.
     
  6. shintao
    Offline

    shintao Take Down ~ Tap Out

    Joined:
    Aug 27, 2010
    Messages:
    7,231
    Thanks Received:
    320
    Trophy Points:
    83
    Ratings:
    +339
    Absolutely nothing. GM had both the assets and money to correct their fiscal mistakes.
     
  7. code1211
    Offline

    code1211 Senior Member

    Joined:
    Apr 8, 2009
    Messages:
    5,999
    Thanks Received:
    845
    Trophy Points:
    48
    Ratings:
    +845


    If GM had filed bankruptcy in a normal and legal fashion, the bondholders would have gotten some of their money back, the corporation would have had a plan to repay creditors at a reduced rate of the debt incurred and the coporation would have been re-started from scratch with NO OBLIGATION TO USE A UNION OR ITS MEMBERS AS EMPLOYEES.

    Because the scam was worked under the auspisis of the TARP regulators and the corrupt NLRB, the bondholders were completely screwed out of any of their investment, the creditors were put on a further reduced schedule of repayment and the UAW was held in complete and exhalted status as an ongoing feature of the American Auto Industry.

    It is as if we are treating a patient for cancer and cutting out his internal organs and leaving the cancer in place.

    Now, after illegally taking away any return on the investment to the bond holders, the Obama Adminstration is mystified that the investor group in the population does not want to risk their money in another venture where the Obama Administration can once again confiscate it on a caprice.

    The Obama Administration assumes that everyone is as dumb as they actally are.

    From an Arabian Proverb:

    "... He who knows not and knows not he knows not, is a fool. Shun him. ..."
     
    • Thank You! Thank You! x 2
  8. editec
    Offline

    editec Mr. Forgot-it-All

    Joined:
    Jun 5, 2008
    Messages:
    41,427
    Thanks Received:
    5,598
    Trophy Points:
    48
    Location:
    Maine
    Ratings:
    +5,617
    Our government OVERPAID for a lot of things during this bailout.

    By doing so who did they benefit?

    the bondholders and stocdkholders of those corporations.

    That is SOCIALISM (masquarding as capitalism) for the wealthy.

    Who pays? EVERYBODY
     
  9. CrusaderFrank
    Offline

    CrusaderFrank Diamond Member

    Joined:
    May 20, 2009
    Messages:
    81,175
    Thanks Received:
    14,905
    Trophy Points:
    2,210
    Ratings:
    +36,918
    In a real world Chapter 11 it would have been Adios UAW so the bondholder would have been treated fairly and legally, instead Obama stood the process on its head
     
    Last edited: Jul 24, 2011
  10. Wry Catcher
    Offline

    Wry Catcher Platinum Member

    Joined:
    Aug 3, 2009
    Messages:
    31,745
    Thanks Received:
    4,242
    Trophy Points:
    1,160
    Location:
    San Francisco Bay Area
    Ratings:
    +8,155
    A couple of points to consider.

    The economy by all accounts was in piss poor shape bacause GWB was either incompetent or intentionally malicious; I believe the former.

    Next, there is no blue print, road map or other guide available to a newly elected POTUS when faced with the greatest economic crisis since 1929.

    Nest, President Obama acted with the necessary speed and pragmatically to stop a panic which threatened to bring the entire house of cards down.

    The president has presided over a house divided since the day he took the oath of office. Adults in both parties understood the dangers our country faced and acted in the best interest of the nation. Others acted in self interest and attacked the president on every front, making his very difficult job much harder and slowed the economic recovery.

    Finally, the lust for wealth and power has always superseded concern for the nation as a whole, and we continue to see efforts by the Republican Party and the Right Wing media to slow recovery, seek benefits for the wealthiest Americans and deprive the engine of America, the American worker, of hard fought gains.

    There is no evidence that the leadership of the Republican Party has made any effort to solve unempolyment, job seekers continue to be frustrated as the ideological right continues to put self interest first and use the American worker as a pawn as they strive to remake America into a rerun of the Gilded Age.
     

Share This Page