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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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Fed Can't Wait To Get Out Of Automaker Ownership

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