Chrysler won’t payback bailout money

Not surprised at all about this. I contend it was never planned for them to pay it back. Auto bailout was never about saving the car companies but about saving the UAW.

The entire multi-act play of not allowing them to go bankrupt in the 1st place, bailing them out then insisting they go bankrupt was a brilliantly orchestrated plan to turn majority control over to the UAW and it worked to perfection. Next stop…GM

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.

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.

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.

CNN Money: Chrysler won’t repay bailout money

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