Treasury Calls It Even After Chrysler Pays Back Portion of Loan

[Dans 68]

http://www.foxnews.com/politics/2010/05/17/treasury-calls-chrysler-pays-portion-loan/

An excerpt:

WASHINGTON -- The Treasury Department said Monday it had received $1.9 billion from Chrysler to settle a $4 billion loan.

The department said that while the $1.9 billion repayment is less than the original loan, the amount is still more than Treasury had expected to recover.

The original loan was made on Jan. 2, 2009, by the Bush administration. At the time, the government was scrambling to provide emergency support to both Chrysler and General Motors and their auto financing arms.

Well, I guess it's now up to Government Motors (i.e., GM) to pay back their loan and restore the autonomy of the domestic auto market.        

Dan

Edit - GM has paid back their loans. Thanks for the edification. Now, it is interesting that only $1.9 of the $4 billion was repaid, and accepted as paid in full by the Treasury. I imagine bankruptcy law allows this to happen.

Edit 2 - I guess I was correct originally, but for the wrong reason. Keep reading.

[Tilar]

GM already paid it back. I wouldn't buy a new GM car for any price. They took a crap in their food bowl as far as I'm concerned.

http://reason.com/blog/2010/04/23/gm-pays-back-tarp-loans-withta

[Dans 68]

Interesting link, in that the TARP funds GM accepted were paid back with more TARP funds....

Dan

[nh_mopar_fan]

Interesting link, in that the TARP funds GM accepted were paid back with more TARP funds....

Dan

Bingo. GM has not paid back anything. They had other Tarp funds that they used to pay US back. We're still going to lose a chitload on money on GM

Those commercials were BS. They had some balls on them to claim they paid back the loans.

[chargerboy69]

Interesting link, in that the TARP funds GM accepted were paid back with more TARP funds....

Dan

Bingo. GM has not paid back anything. They had other Tarp funds that they used to pay US back. We're still going to lose a chitload on money on GM

Those commercials were BS. They had some balls on them to claim they paid back the loans.

I could not believe those commercials when I saw them, what a crock of sh!t.  They did not last very long as soon as people started to question them.

[skip68]

The government owns 61% of GM.

[Todd Wilson]

This video tells it all about GM................

http://www.youtube.com/watch?v=1gq7J71VsDM


Todd

[THE STIG]

Well I cant believe Im actually saying this but of the big 3 I only have respect for Ford anymore. They diden't take the bailouts and loans because they knew it would lead to Government control. Funny story though back when Obama fired the then CEO of GM I asked a co worker (who is a closet communist) what he thought about that, he said the guy was a moron and couldn't sell cars. So I then asked him how he likes his Chevy Aveo.

[chargerboy69]

This video tells it all about GM................

http://www.youtube.com/watch?v=1gq7J71VsDM


Todd

Thanks for the link Todd, have not seen that one before.

[BigBlackDodge]

Well I cant believe Im actually saying this but of the big 3 I only have respect for Ford anymore. They diden't take the bailouts and loans because they knew it would lead to Government control. Funny story though back when Obama fired the then CEO of GM I asked a co worker (who is a closet communist) what he thought about that, he said the guy was a moron and couldn't sell cars. So I then asked him how he likes his Chevy Aveo.

But Ford (and all the other car manufacturers) had no trouble taking the 'cash for clunkers' bailout money......funded by the tax payers. 


BBD

[resq302]

Not trying to defend Ford here but if that goverment stimulus act is giving money out to sell cars, why would they NOT participate. 

[BigBlackDodge]

I just think it's funny when people talk about the bailouts they say that Ford did not take any money from the government.............when in fact they did like all the others.



BBD

[Ghoste]

About the only handouts Ford didn't accept were any that stipulated handing control of the company over to Obama.

[resq302]

I just think it's funny when people talk about the bailouts they say that Ford did not take any money from the government.............when in fact they did like all the others.



BBD

They might have taken money but not to keep the company afloat.  If the government gave out money for incentives for buying electric cars, would you have said the same thing about ford?

[BigBlackDodge]

I just think it's funny when people talk about the bailouts they say that Ford did not take any money from the government.............when in fact they did like all the others.



BBD

They might have taken money but not to keep the company afloat.  If the government gave out money for incentives for buying electric cars, would you have said the same thing about ford?

If someone stated that they didn't when in fact they did take the incentives...yes, I would.
I'm not gripping about Ford (my next car will most likley be a Ford) True, they did not need it to stay alive, but they didn't turn their nose up at it either.

BBD

[68blue]

I have to believe that government involvement will put an end to the recent resto muscle cars. I remember the 70s, sad to see them go twice.

[Ghoste]

Pretty much a guarantee.  The new CAFE standards will kill V8's in general  IMO and Obama has made it very clear that he thinks Americans should and in reality WANT tiny little commuter cars.

[0X01B8]

So, Nardelli ruined Home Depot (and got $200 million while he was at it) and then moved on to wreck Chrysler.  He was hired (people will forget your failure but remember your experience) by the *private* equity group Cerebus (run by John Snow - former secretary of the Treasury,) and then he got some free money from the government.  But that makes sense since most of the money belonged to Snow in the first place - his signature was on it.
At least we got some V8 Hemi cars.
Paying for health care and Viagra for retirees broke GM and now the government will finally have it's chance to re-shape the cars America drives (they've been dreaming about this well before O came along) because, supposedly, they weren't building the ones that America wanted.
At least we got the new Camaro.
Meanwhile, when all this is going on, Mullally of Ford (formerly of Boeing,) sees the storm approaching and draws down all his credit lines, goes massively into debt, and survives the collapse, now stronger than ever.

I kinda like that Rousch Mustang.