Fed Orders Chrysler To Close Financial Arm

The Treasury Department said Thursday that Chrysler Financial will close its doors by the end of 2011 -- a move that could cost hundreds of jobs in Metro Detroit.

"Chrysler Financial is currently following Treasury's directive to liquidate its business in an orderly fashion," said Kenneth Feinberg, the Treasury Department's special master overseeing pay for top executives at the seven firms that received government bailout money including automakers and Farmington Hills-based Chrysler Financial. "Accordingly, Chrysler Financial is currently pursuing a successful wind down of its operations by Dec. 31, 2011."

Late Thursday, the Treasury didn't back away from its statement that Chrysler Financial would liquidate within 26 months.

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EL34 - 10/23/2009 10:56:02 AM

-3 Boost

I will never buy an American car as long as Obama is President and the UAW build the cars.

AgentOrange - 10/23/2009 11:07:13 AM

-1 Boost

EL34;
Could you clarify what you mean by "American car"?
GM, Ford and Chrysler have a lot of their cars built offshore by non-UAW workers.
OTOH a lot of Asian and Geramn manufacturers build or assemble their cars in the U.S. (e.g. BMW's X5 & X3).
So are you against cars sold by American owned companies regardless of who builds them or where they are built or are you against any vehicle built or assembled in the U.S. regardless of the manufacturer?

Joe_Limon - 10/23/2009 12:12:10 PM

+3 Boost

FFS I am tired of seeing this international marketplace argument. You don't have a problem calling VW German or Toyota Japanese so why do you have such a problem with calling GM/Ford/Chrysler American?

bfghemicuda - 10/23/2009 6:11:46 PM

+1 Boost

Currently there are NO plans at Chrysler Financial to close.

Whelan - 10/23/2009 9:06:09 PM

+2 Boost

Figures they would strong arm and push them around. Whether they should close or stay open is not the governments decision personally. But what do I know, technically with bailouts, I own stock in Chrysler Financial. Do I get a say?

If the government used our money to give to these companies, shouldn't we be the ones determing if they stay open or not.