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Chrysler's Big News: We Repaid Bailout Loan

Announcement coming tomorrow at Michigan plant

By Kevin Spak,  Newser Staff

Posted May 23, 2011 12:54 PM CDT

(Newser) – Chrysler will announce with some fanfare tomorrow the repayment of $7.5 billion in bailout loans from the US and Canadian governments. CEO Sergio Machionne will announce the milestone tomorrow alongside White House manufacturing adviser Ron Bloom at Chrysler’s Sterling Heights, Michigan, plant, the Wall Street Journal reports. Chrysler is repaying the government loans, which carry double-digit interest rates, with cheaper loans and bonds from private banks. The US and Canada will, however, remain minority shareholders in the company.

In this Feb. 28, 2011, the Chrysler logo is displayed on a new 2011 Chrysler Sebring at a dealership in Burlingame, Calif.
In this Feb. 28, 2011, the Chrysler logo is displayed on a new 2011 Chrysler Sebring at a dealership in Burlingame, Calif.   (AP Photo/Paul Sakuma, file)
In this file photo taken Feb. 28, 2011, a new 2011 Chrysler 200 is on display at a dealership in Burlingame, Calif.
In this file photo taken Feb. 28, 2011, a new 2011 Chrysler 200 is on display at a dealership in Burlingame, Calif.   (AP Photo/Paul Sakuma, File)
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COMMENTS
Showing 3 of 26 comments
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May 24, 2011 8:29 PM CDT
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reasonator
May 23, 2011 3:34 PM CDT
hmmm, ok. So the company is really just paying off loans with cheaper loans (albeit from private banks, which also have been bailed out by the U.S.)  I wouldn't call that a success story, just a reallocation of debt. And, the u.s. government is still a shareholder in the company. And, I think it's funny that as much as liberals hate big business, you still defend handing those big businesses money because "they're too big to fail." Part of the point of this story is,Chrysler apparently didn't need the bailout money if it could have secured private loans to begin with. Really we should just allow companies to fail if they can't hack it, instead of proping up businesses with tax money.
paddymc68
May 23, 2011 3:30 PM CDT
But wait, this was all the evidence the right had that Obama was a socialist. How will they continue to misunderstand that word without this non-evidence?

 
Chrysler • auto industry • auto bailout • Sergio Marchionne

 
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