U.S. loses $1.3 billion in exiting Chrysler

CNN Money ^ | 7/21/2011 | Annalyn Censky

[blueyon]

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, wrapping up the 2009 auto bailouts that were part of TARP.

Fiat paid the Treasury a total of $560 million for the remaining shares, as well as rights to shares held by the United Auto Workers retiree trust.

[MCCC]

We lose but the auto workers union gains.

[the invisib1e hand]

wow. if 1.3 bn doesn’t exciter, nothing will.

[Zuben Elgenubi]

Fiat bought for $560MM while the US Taxpayer lost $1.2B.

That's an offer we just couldn't refuse.

[BuckyKat]

Already posted: Previous thread, same issue

[concerned about politics]

U.S. taxpayers likely lost $1.3 billion

Who didn't see this coming? That's what democrats do. They waste tax dollars. That's all they do.

[JoSixChip]

And in other news: Chrysler UAW donated $130M to obumber’s reelection campaign.

obumber stands to gain $1B+ in campaign donations from recipients of the 1T stimulus fund.

[EGPWS]

Thanks for the forced investment loss you Fascist jackass!

[Cololeo]

Keep in mind that the deficit this year is 1,000 times more than that!

[clearcarbon]

[PGalt]

BTTT!