15 Votes

Boost it!

SHOCKING: Taxpayers Will Never See Bailout Repayment From Chrysler!

Agent001 submitted on 5/5/2009 Official Bell & Ross Timestamp: 11:14:41 PM

14 user comments | Category: Spy News | Source: | SOURCE: money.cnn.com

Tag Links: Bailout, Repayment

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.

This revelation was buried within Chrysler's bankruptcy filings last week and confirmed by the Obama administration Tuesday. The filings included a list of business assumptions from one of the company's key financial advisors in the bankruptcy case.

Special thanks to topneuro for the tip



Read Article

SHOCKING: Taxpayers Will Never See Bailout Repayment From Chrysler!

About the Author

Agent001

FWD Torque Steer. Absolute proof the Devil exists.

— Agent001 (View Profile)


User Comments

camrydriver

The American tax payers should demand a complete accounting of every last dollar. I'd bet dollars to donuts that those guys know the end was near and creatively shipped hundreds of millions right out of the country.

— camrydriver (View Profile)

Posted on 5/5/2009 11:36:56 PM | reply to this comment | Votes: 5   

atomicbri

If we really could demand how every dollar is spent, you would honestly be shocked at how much of our tax dollars are wasted. This Chrysler waste is just a small drop in a large bucket of wastefulness here in this country.

— atomicbri (View Profile)

Posted on 5/6/2009 9:15:34 AM | | Votes: 4   

bigjoe

Not surprising from a Camry guy.....
Bankrupt companies have obvious limitations on how much they can pay back their lenders, whether it's the American gov't or otherwise.
Don't tell me the White House didn't know this outcome would be at the end of the tunnel.
I think Bankruptcy is the best thing for Chrysler to shed it's bad debt and emerge stronger with a partner.
They do have worth: Daimler would not have paid over 37 billion for them in "99 if they didn't. ( too bad the Germans screwed it up )
I support American companies and have recently added another American car to my garage. Now my wife can drive me to the BMW dealer in her Ford Edge Limited on a weekly basis to pick up my 3 series!
PS: Is that the best angle shot of your Camry?

— bigjoe (View Profile)

Posted on 5/8/2009 11:51:28 AM | | Votes: 1   

BondMI6

And this is a surprise!!!!????

— BondMI6 (View Profile)

Posted on 5/5/2009 11:57:48 PM | reply to this comment | Votes: 6   

Agent009

Can I say I TOLD you so yet???

Honestly there was no physical way they could repay the loans, the same is true with GM. They could have devoted 100% of all profits back to pay the debt off and it would have taken 25 years to pay it off.

These were never loans in a consumer sense

— Agent009 (View Profile)

Posted on 5/6/2009 9:27:21 AM | | Votes: 4   

Type707

Haha...seriously...why isnt this a suprise to me. Its like a big kick in the ass before crumbling to pieces.

— Type707 (View Profile)

Posted on 5/6/2009 12:05:32 AM | reply to this comment | Votes: 3   

Airliner

As much of a fan that I have become of Agent001 and this wonderful website, I believe that the time has come to allow us to boost or de-boost articles. With all due respect to you Agent001, I would have de-boosted this article. Sorry, the politico stuff has no merit here.

— Airliner (View Profile)

Posted on 5/6/2009 12:07:52 AM | reply to this comment | Votes: -2   

Agent001

That's why we live in the USA.

You can De-Boost should you so choose.

And it's OK to disagree with me or anyone at AutoSpies.com.

That's what makes the site great.

Makes the discussions interesting.

001

— Agent001 (View Profile)

Posted on 5/6/2009 12:36:59 AM | | Votes: 4   

Airliner

Agreed. This is what keeps my excitement going about living in our country and this site is awesome!! I really mean that, heck I love most everything you (Agent001) post to top it off. What I am asking for is simply a voting button on articles themselves. Perhaps when this option is available, the user (us) can sort articles by popularity and thus AutoSpies would/could capture even a larger audience and or keep us online longer.

— Airliner (View Profile)

Posted on 5/6/2009 12:48:57 PM | | Votes: 1   

dhkss2002

Well knock me dead with a feather. If 100 miliion taxpayers contributed to the 7 billion dollar bailout, each one should receive about 70 bucks. Go buy yourself a Veyron with that.

— dhkss2002 (View Profile)

Posted on 5/6/2009 12:50:35 PM | reply to this comment | Votes: 2   

Spectator

What they are not mentioning is how bad this truly is.

Business 101 just got thrown in the trash.

The payout will be 33 cents on the dollar to Secured holders and 50 cents on the dollar to Unsecured holders. That the Union gets 50 cents on the dollar, where as they should be recieving what ever is left over after the Secured Holders are all paid off.

This quite litterally is the government bypassing its own laws to pay a party that helped get the president elected. I'm not even a Republican and I think the Whitehouse has lost its mind.

So ladies and gentleman, how does it feel to know that the dollars you worked hard for and loaned to Chrysler are now being given to the UAW free and clear to pay off a Whitehouse political obligation.

To be honest this is the first time I actually feel really sorry for bond holders.

— Spectator (View Profile)

Posted on 5/6/2009 2:53:53 PM | reply to this comment | Votes: 2   

thstone

001 - I like the business posts. Keep them coming.

— thstone (View Profile)

Posted on 5/6/2009 6:07:46 PM | reply to this comment | Votes: 1   

LauderdaleDriver

The liabilities from a liquidation of Chrysler, which would dump health care and pension benefits onto the US taxpayer via Medicare and the Pension Guaranty Fund, would so far exceed the 7 billion, that it's a bargain. The money advanced allowed time for the Fiat deal to materialize.

Mr Bush's cash advance looks pretty smart, and Mr Obama's tough dealing with the creditors seem to have saved the American taxpayer tens of billions.

That's a good deal.

— LauderdaleDriver (View Profile)

Posted on 5/7/2009 5:27:59 PM | reply to this comment | Votes: 1   

huu76

President Jesus is just paying back his corporate and union buddies. Its funny how "change" looks a lot like the stuff Dubya did.

Biggest con job in US history. I wonder how many morons will admit they voted for Mr. "Vote for me because it'd be cool to have a black President".

Bet those retard college kids are kicking themselves now that they realize college still costs an arm and a leg, not the bargain prices Jesus promised when he was mesmerizing them with yak-yak-yak 'change'.

It's actually quite funny.

— huu76 (View Profile)

Posted on 5/8/2009 12:52:09 AM | reply to this comment | Votes: 1   

Add your Comments

Images hosted in your AgentSpace can now be posted in the comments section using the following syntax (case matters): [img]IMAGE URL[/img]
Example: [img]http://agent001.myautospies.com/images/sample.jpg[/img]