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U.S. Government Loses $1.3 Billion After Selling Chrysler Shares

July 23, 2011 by  

The government will lose more than $1 billion on the Chrysler bailout.The U.S. government has sold its shares in Chrysler to Italian automaker Fiat SpA, according to Fox News. The news source reports that this sale has resulted in the government losing an estimated $1.3 billion in taxpayer dollars.

After receiving $12.5 billion to prevent bankruptcy in 2009, Chrysler has repaid $11.2 billion, according to the media outlet. However, the government does not expect to recover the remaining $1.3 billion, reports The New York Times.

Although some Congressional leaders approve of the deal, Representative Darrell Issa (R-Calif.) told Fox News that he was upset at the loss of taxpayer money.

“It is unfathomable that Italian automaker Fiat and its subsidiary Chrysler got away with repaying less than the full amount borrowed from the U.S. government,” Issa told the news agency.

A recent report from the White House National Economic Council indicates that the government will lose an estimated $14 billion from the bailout of the auto industry, according to The New York Times. The newspaper reports that the government is also expected to begin selling its remaining 26 percent of General Motors, even though the sale will most likely result in an additional loss of revenue.

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  • Dan az

    What can I say!!but I’m sure glad we have such a smart gubmnt.That last 26% that we are going to sell to china should really help the economy don’t ya think? I’m just so proud of the ones that we elected to office to help all of us,I could just sh-t my self. :(

  • Dan az

    This is what you would call redistribution of wealth by funneling it to other countries.NOW THAT’S A PLAN!!!!!Now all together now Thank you big gubmnt we see you know what your doing.I feel like I just spent the day with Barney Frank.OUCH!

  • http://deleted Claire

    Good grief, if this is truly accurate, all I can say is: the dumb asses.

    • Dan az

      CLAIRE!!!!!! :)

  • http://lives RAYMOND HARBIN

    IT WOULD BE VERY INTERESTING TO CONFIRM THE DECISION MAKER RESPONSIBLE FOR THIS COSTLY DEAL.

    WAS IT SOLD THROUGH A COMPETITIVE BID PROCESS?

    IF NOT WHY NOT? IF YES, WHO AND WHAT WERE THE OTHER BIDS.

    WERE BROKERS INVOLVED?

    IF YES WHO WERE THEY? IF YES, WHAT COSTS DID THEY INCUR?

    WAS THERE ANY CONNECTION OR LINK BETWEEN THE DECISION MAKER AND THE BUYER OR ANY BROKERAGE FIRM.

    WHAT U.S. GOVERNMENT STIPULATIONS WERE REQUIRED OF THE BUYER AS TO OPERATIONAL CONTINUITY AT THE AMERICAN SITES?

    DID THE SALE REQUIRE FULL AND PROMPT PAYMENT?

    WERE AUTO UNIONS INVOLVED IN ANY DECISION MAKING?

    WILL THERE BE ANY FEDERAL OR PRIVATE (MEDIA) INQUIRY?

    ULTIMATE QUERY– DID ANY THIRD PART GET RICH AT THE TAX PAYERS EXPENSE?

    SORRY, BUT I JUST DON’T TRUST OBAMA AND HIS MINIONS.

  • s c

    Does anyone have to be convinced that this administration [especially Bummer himself] is absolutely bereft of business knowledge? What else should we expect from a bunch of retards who think Keynes is a business genius?
    Does this mean that the bailout plot was just another knife in the back? At what point do his jockstrap supporters see this con artist for who and what he is? The specific word you’re looking for, in case you haven’t thought of it yet, is “enemy.”

  • Pete

    So Chrysler is now going to ruin the Fiat brand of cars ? Didn’t they ruin the Mercedes-Benz brand ? Chrysler is like the venereal disease of the auto industry .. merging and infecting good European car manufacturers with bad American technology …. You Europeans need to practice abstinence and not be tempted by the Chrysler whore …

  • Dom

    Chrysler was sold to fiat because fiat is now owned by israeli.

  • malcolm1943

    Hey, this administration accomplished what it wanted. The unions got control over the shareholders, the rest is just a bother and it’s only money! The prez will just tell Geithner to print more!

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