27 May 2011

The truth about the Chrysler loan payoff

Here we go again comrades,

With much heralded fanfare from team Obama and many many Democrats and liberal talkers across the country, Chrysler has repaid it's Government loans!!!!

HA ZA another Obama victory. First GM repaid its loans and now Chrysler.  Look out republicans, Obama is on a roll, and if you only listen to the main stream media or liberal radio you might believe this.

But you just have to scratch the surface a little to find the truth.

As part of the big 3 bailout , GM & Chrysler is using bailout money to repay their bailouts.

The Washington Examiner reports below:



Here are the highlights or low lights of the article.

American taxpayers have already spent more than $13 billion bailing out Chrysler. The Obama administration already forgave more than $4 billion of that debt when the company filed for bankruptcy in 2009. Taxpayers are never getting that money back. But how is Chrysler now paying off the rest of the $7.6 billion they owe the Treasury Department?

The Obama administration’s bailout agreement with Fiat gave the Italian car company a “Incremental Call Option” that allows it to buy up to 16% of Chrysler stock at a reduced price. But in order to exercise the option, Fiat had to first pay back at least $3.5 billion of its loan to the Treasury Department. But Fiat was having trouble getting private banks to lend it the money. Enter Obama Energy Secretary Steven Chu who has signaled that he will approve a fuel-efficient vehicle loan to Chrysler for … wait for it … $3.5 billion.

So, to recap, the Obama Energy Department is loaning a foreign car company $3.5 billion so that it can pay the Treasury Department $7.6 billion even though American taxpayers spent $13 billion to save an American car company that is currently only worth $5 billion.

This is Obama's record.

This is why he is beatable in 2012

All we have to do is vote for the other guy and its bye bye Obama.

America Prevails

Information Minister
Loyal Opposition

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