bumper sticker
Posted on 05/17/2010 6:22:46 PM PDT by EBH
WASHINGTON (AP) -- The Treasury Department said Monday it will lose $1.6 billion on a loan made to Chrysler in early 2009.
Taxpayer losses from bailing out Chrysler and General Motors are expected to rise as high as $34 billion, congressional auditors have said.
Treasury said Monday that Chrysler repaid $1.9 billion of a $4 billion loan, which was extended before the company filed for Chapter 11. The government hopes to get another $500 million from the company that emerged from bankruptcy, Chrysler Group LLC.
Treasury officials said that the government had no plans to boost its stake in the new Chrysler to cover those losses. It also acknowledged another $1.9 billion in potential losses from a separate loan that had been made to the company that went through bankruptcy proceedings. It indicated slim hopes of recouping much if anything from that separate $1.9 billion loan.
The original $4 billion loan was made in January 2009, when the Bush administration was scrambling to rescue Chrysler, GM and their auto financing arms.
(Excerpt) Read more at finance.yahoo.com ...
Good thing the UAW didn’t suffer. It’s not like they shared any responsibility for the Crisis or anything.
Sooooo, I guess we won’t be seeing any commercials bragging about this, eh?
Note this was released after the market closed today...
Death rattles?
Anyone want to place their bets on when it will gasp its last breath?
I will be sad to see Jeep die.
Jeep is probably the only brand worth selling off.
***Taxpayer losses from bailing out Chrysler and General Motors are expected to rise as high as $34 billion, congressional auditors have said. ***
This says it all! Taxpayers shafted for an Obama wet dream!
The Federal Reserve by law can only loan money backed by investment grade securities, so I thought.
The Chrysler loans were made from the Treasury’s TARP funds, not the Federal Reserve.
You can all thank George W. Bush for this. It was Bush who refused to let Chrysler go bankrupt.
Maybe George was listening to Laura Bush that day!
Dodge, too.
34 billion less for new startups.
Oh well, they can just print more mon....er...bonds, and then sell them to the Fed, which will then print money, which of course is totally different than just printing money. That’s bad, not good like printing bonds then printing money.
See above, 14.
Maiden Lane LLC
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It has been suggested that this article or section be merged with Maiden Lane II LLC and Maiden Lane III LLC to Maiden Lane transactions. (Discuss)
Maiden Lane LLC is the first holding company bearing the name that was created when JPMorgan Chase took over Bear Stearns in early 2008. It holds an asset portfolio that JPMorgan found too risky to assume in whole, and consequently the Federal Reserve Bank of New York extended a $30 billion credit line to the limited liability company to facilitate the unwinding of these assets over time. Bloomberg, citing Bank of America analysts, reported on October 2, 2008, that the Federal Reserve might stand to lose $2 to $6 billion on the asset porfolio. A November 6, 2008, update by the Federal Reserve showed that the fair value of the assets was at $26.8 billion[1], meaning a book loss of $2 billion for the Federal Reserve.[2][3]
The Maiden Lane name has been used for a series of bailouts including Maiden Lane II LLC and Maiden Lane III LLC. Maiden Lane was incorporated as Delaware Limited Liability Company on April 29, 2008[4], and registered to do business as a foreign limited liability company in the state of New York on June 26, 2008[5]. The registered agent of Maiden Lane LLC is the CT Corporation. [edit] See also
* Maiden Lane II LLC
* Maiden Lane III LLC
Didn’t King Barack promise that the auto bailouts would be a profit-making venture for the government, or am I thinking of a different Obama lie?
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