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Chrysler won't repay bailout money

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posted on May, 6 2009 @ 03:10 AM
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Chrysler won't repay bailout money


money.cnn.com

NEW YORK (CNNMoney.com) -- Chrysler LLC will not repay U.S. taxpayers more than $7 billion in bailout money it received earlier this year and as part of its bankruptcy filing

An Obama administration official confirmed Tuesday that Chrysler won't be repaying the loans, though a portion of the bridge loan may be recovered by Treasury from the assets of Chrysler Financial, the former credit arm of the automaker which is essentially going out of business as part of the reorganization.
(visit the link for the full news article)




posted on May, 6 2009 @ 03:10 AM
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This is a travesty. Our money is not going to get paid back. How is this happening? I wonder who is making off with the loot.

All I can say is WOW. This is exactly what was not supposed to happen. What really fires me up is that Chrysler is a PRIVATE company that is not even traded on the stock market. So a private buisness walks off with over 7 billion dollars of our money and we get the shaft.

What do you all think of this?

money.cnn.com
(visit the link for the full news article)



posted on May, 6 2009 @ 03:30 AM
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Post the names and phone numbers of the ceos and senior vps and boardmembers. SOMEONE ought to be able to "convince" them to do the right thing. not advocating violence, but when did tarring and feathering go out of style?



posted on May, 6 2009 @ 03:43 AM
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All this is assuming that they even GOT any of that money. This administration has continually rushed through bills, bailouts and BS with huge price tags on them. NO business plan, full of earmarks etc etc etc....We dont know where any of this has gone, lets not jump on the businesses yet, for all we know this strong arm agency of Chicago Economics did something else with it.

Another reason for Americans to stand up, get informed and start asking more questions before we let them do things like this.



posted on May, 6 2009 @ 04:01 AM
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Oh come on! every time I bring up righteous vengeance and tarring and feathering someone has to mess it all up. Well, wen we get to the bottom of who got what and how, then tar and feathers?



posted on May, 6 2009 @ 04:09 AM
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Originally posted by ManBehindTheMask
We dont know where any of this has gone, lets not jump on the businesses yet, for all we know this strong arm agency of Chicago Economics did something else with it.


'fraid not, the sum is listed on the bankruptcy filing, it's crysler saying they expect the loans to be forgiven.


Some of the main assumptions listed by Robert Manzo of Capstone Advisory Group were that the Treasury would forgive a $4 billion bridge loan given to Chrysler in the closing days of the Bush administration, a $300 million fee on that loan, and the $3.2 billion in financing approved last week by the Obama administration to fund Chrysler's operations during bankruptcy.


this is really just a welfare payment, why would you even call it a loan, they're just giving crysler money. they say they'll be fairly compensated, with equity, overall but i wouldn't buy it, if equity was the key the government could just buy it.



posted on May, 6 2009 @ 04:23 AM
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And this my friends, is why over 80 percent of America said DO NOT BAIL OUT THE AUTO MAKERS. Did they listen? Of course they didnt.
This is just one company...imagine if this happens to the other auto makers, you think that if they were put in the same spot, that they would pay back these loans? Probably not. Another scam on the American taxpayer operated by our rulers. Thanks Guys!!! A-holes.



posted on May, 6 2009 @ 04:30 AM
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This also goes to show just how powerful lobbyists have become. I am very sure that the UAW lobbyist have played a big part in deciding what gets forgiven and what does not. I am very curious as to the amount of money the UAW lobbyists make. I am sure they made a killing off of the convincing of our government for the bailouts for the auto industry.

You want to tar and feather some one? Then start with the lobbyists on capital hill. They are really the largest threat to national stability.



posted on May, 6 2009 @ 04:37 AM
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Originally posted by LeaderOfProgress
You want to tar and feather some one? Then start with the lobbyists on capital hill. They are really the largest threat to national stability.


i really, really don't understand americas tolerance for lobby groups, surely you guys realise that while professional entities look after the best interests of those with the financial where with all to afford them, the best interests of the average voter will always take a back seat, at best.

it's such a big entity in american politics, how do you let them away with it?



posted on May, 6 2009 @ 04:56 AM
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The same will happen with the billions to GM, the $300B debt guarantee to Citybank, the $170B 'loan' to AIG, and the hundreds of billions to all the other banks. Paulson knew right from the start that we would never get our money back because the whole thing has been a huge ponzi scheme for years. These companies NEVER made enough real profits to pay back that kind of debt, it was always accounting tricks and debt disguised as equity on their books. If you sold off every asset down to the pencils and post-it notes, some of the banks would still have several $TRILLION in liabilities.

That's why the huge bonuses get handed out every year, these companies only exist so the directors and upper management can loot the cash drawer. It was a scam and Paulson and Bernanke knew it because they're at the very top of it.



posted on May, 6 2009 @ 07:45 AM
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Don't any of you READ???? The government never intended to get any back. This was not a LOAN it was a BUY. The US Government is now buying businesses.


"The reality now is that the face value [of the $4 billion bridge loan] will be written off in the bankruptcy process," said the official, who added that the 8% equity stake that Treasury will be receiving as part of the company's reorganization is meant to compensate taxpayers for the lost money.



posted on May, 6 2009 @ 11:51 AM
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what happened to the old thought that, a business went under cus they sucked.

why are we just straight paying company that produce crap. If we wanted Chrysler to stay in business, WE WOULD HAVE BOUGHT THEIR CARS!!

i cant stand any of this. makes me sick



posted on May, 6 2009 @ 12:03 PM
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Originally posted by Common Good
And this my friends, is why over 80 percent of America said DO NOT BAIL OUT THE AUTO MAKERS. Did they listen? Of course they didnt.
This is just one company...imagine if this happens to the other auto makers, you think that if they were put in the same spot, that they would pay back these loans? Probably not. Another scam on the American taxpayer operated by our rulers. Thanks Guys!!! A-holes.


You are right on the mark Common Good. The majority of the American people did not want a bailout of the auto makers. We all knew it was just throwing away money. It has become quite obvious that the government does not care what the people want. All they care about is taking care of the special interest groups.

Expect more of this to come from GM and many of the banks that needed government money to survive. The looting of America continues.



posted on May, 6 2009 @ 12:05 PM
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How does this even come as a surprise?

We're not the ones who said "Take our Money" in the first place!
How can you expect a criminal to pay back what he's stolen?



posted on May, 6 2009 @ 12:09 PM
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reply to post by LeaderOfProgress
 


This surprises you? Hey I got another bombshell for you. Many banks won't be paying back TARP funds either.

This point in time will probably be referred to as the Smash and Grab decade.
These companies went to our government telling them that the universe would collapse if they didn't get billions of dollars and our congress bought it hook line and sinker.

Thanks to our legislative body our country got effectively mugged by these corporations.

Sorry but it is the truth. They robbed us and they aren't going to be giving back their ill gotten gains.



posted on May, 6 2009 @ 12:10 PM
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Originally posted by LeaderOfProgress


This is a travesty. Our money is not going to get paid back. How is this happening? I wonder who is making off with the loot.

All I can say is WOW. This is exactly what was not supposed to happen. What really fires me up is that Chrysler is a PRIVATE company that is not even traded on the stock market. So a private buisness walks off with over 7 billion dollars of our money and we get the shaft.

What do you all think of this?

money.cnn.com
(visit the link for the full news article)



What did you expect?
The bailouts are not intended to save companies from bankruptcy. That's just the friendly mask!



posted on May, 6 2009 @ 12:29 PM
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I did expect their to be some excuses come up as to why they can't repay. My problem is that now we know they aren't how do we hold them accountable. Obiously the govenment isn't going to. I wonder if a few states will file suites against them for stealing the taxpayer dollars.



posted on May, 6 2009 @ 12:43 PM
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reply to post by LeaderOfProgress
 


I don't think they call is stealing. It's a redistribution of wealth....



posted on May, 6 2009 @ 12:43 PM
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reply to post by whatukno
 


Umm, these places didnt go begging for money.....if people cant see by now that the gov tactfully and intentionally took control over these banks and automakers then you are not paying attention to what is going on here.

The gov is PLACING itself in these positions to own these businesses. They are putting these companies in a position that they will be able to manipulate them to however they want.

Say what you will agree or disagree , but I see the trainwreck coming.......tell me im wrong afterwards. This was intentional



posted on May, 6 2009 @ 12:47 PM
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I agree that the government was trying to take control over major companies, but, I don't think you can call it redistribution of wealth. Redistribution of wealth would entail actually giving something back to the little people. I didn't get my shares of these companies in the mail.




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