Fed Can't Wait To Get Out Of Automaker Ownership

The Obama administration said Fiat SpA's decision to boost its stake in Chrysler Group LLC by 16 percent and refinance its outstanding government loans will speed the government's exit from the auto industry.

"Today's announcement takes us one step closer to exiting the U.S. taxpayers' investment in Chrysler. We are looking forward to the full repayment of our loan to Chrysler, which today's announcement from Fiat is contingent upon," said Tim Massad, the Treasury Department's acting assistant secretary for financial stability.

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Steve - 4/21/2011 5:10:12 PM

+2 Boost

Good thing we have the full loan repayment from Chrysler to look forward to ;-) The GM stock purchase guaranteed we'd loose money, as the Feds paid WAY above market value as a way to pump a ton of money into GM, and remove the risk from GM, and without owning a big part of GM. Analysts said the government's GM shares would have to trade at several times the IPO value to break even, and that was unlikely to happen in our lifetime. Consider the Feds' GM stock purchase as a gift to GM. GM execs and union folks got the bonuses, and we got stuck with the bill.

Bleh!

bfghemicuda - 4/21/2011 5:57:30 PM

+3 Boost

Chrysler can't wait to get out of government ownership!