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U.S. Taxpayers Lose $1.3 Billion in Chrysler Bailout

Posted By admin On July 21, 2011 @ 12:45 pm In Featured Stories,Tile | Comments Disabled

Annalyn Censky
CNN Money [1]
July 21, 2011

NEW YORK (CNNMoney) — U.S. taxpayers likely lost $1.3 billion in the government bailout of Chrysler, the Treasury Department announced Thursday.

The government recently sold its remaining 6% stake in the company to Italian automaker Fiat, wrapping up the 2009 auto bailouts that were part of TARP.

Fiat paid the Treasury a total of $560 million for the remaining shares, as well as rights to shares held by the United Auto Workers retiree trust.

Originally, the government committed a total of $12.5 billion to the struggling automaker, Old Chrysler, and the company’s newly formed Chrysler Group. Of those funds, $11.2 billion have been returned through principal repayments, interest and cancelled commitments, the Treasury said. The new Chrysler Group paid back $5.1 billion in loans in May.

Full story here. [1]

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[1] CNN Money: http://money.cnn.com/2011/07/21/autos/chrysler_government_exit/index.htm?cnn=yes&hpt=hp_t2

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