Chrysler won’t pay back any of the $3.7 billion in U.S. Treasury loans

The terms of a plan were filed recently in Bankruptcy Court and according to them, Chrysler won’t pay back any of the $3.7 billion still outstanding in U.S. Treasury loans made under the Troubled Asset Relief Program.

The US government has filed proofs of claim for unpaid principal, interest, fees and expenses however it “will receive no recovery on account of such claim.” These court documents were filed on behalf of Old Carco, which includes the units of Chrysler that remain under bankruptcy protection while liquidation is ongoing. This proposal was laid out in a disclosure statement that was filed with the New York court.
Read Article

sold2early - 12/17/2009 7:25:43 PM

+4 Boost

Are we supposed to be surprised by this?

Type707 - 12/17/2009 7:59:36 PM

0 Boost

Of course....NOT. It goes to show that Chrysler has once again scammed America. Bad publicity for the failed car company.

CarCrazedinCali - 12/17/2009 8:22:30 PM

+2 Boost

So incredibly annoying to hear. They are THIEVES! I am not sure who deserves more punishment though, the politicians that gave them our money or the company who has been mis-managed since their inception into the market (remember, this is the second tax dollar bail out in Chrysler history, if I am not mistaken) ATROCIOUS!

Steve - 12/18/2009 12:41:50 AM

0 Boost

Call me old-fashioned, but when I see a failing company, I am not inspired to throw good money after bad. A failing company is failing for reasons *other* than lack of handouts.

Joe_Limon - 12/18/2009 4:52:26 AM

+1 Boost

Just wondering, what about...
$142.2 Billion towards the bank of america
$280 billion towards citigroup
$700 billion through the tarp fund
$180 billion for A.I.G.
$400 billion for Fannie Mae/Freddie Mac

These are all with a couple years, it kinda makes the $25 billion auto bailout the least of our worries.

SHOWTIME - 12/18/2009 11:20:54 AM

+2 Boost

Honestly, if this is the case then no it doesn't sound so bad.

hensta - 12/18/2009 1:11:26 AM

+1 Boost

I wonder how much of our 3.7 billion tax dollars went to supporting the Chrysler executive salaries and UAW salaries?

Whelan - 12/18/2009 7:59:44 AM

+3 Boost

1) We already paid the money given to them in our taxes.
2) Don't take the We and Us being paid back literally, you will never see a dime of money come back to you in the form of a check."

3) Why is this news? Most people knew, even our new socialist government knew that it was not going to be paid back. It was a piggy back to help get them through the worst stuff and that was all.

Spectator - 12/18/2009 11:31:50 AM

+3 Boost

I believe the "New" Chrysler is spelled "FIAT"

bfghemicuda - 12/18/2009 3:29:44 PM

+3 Boost

1UAW is correct in his description.

Steve - 12/18/2009 10:26:28 AM

+3 Boost

Ya know, you throw a billion here and a billion there, eventually, it adds up to real money.

r_driver04 - 12/18/2009 3:38:13 PM

+2 Boost

It's not that they won't, it's that they can't. Chrysler will not be missed as long as Jeep and Dodge remain.