$4 Billion of taxpayer money squandered on Chrysler $8 billion more to go
It’s official, one of the Big Three Auto companies that Congress said was “too big to fail” is now in Chapter 11 bankruptcy. After spending $4 billion to forestall the inevitable, tax payers will now get to foot the bill for Chrysler’s restructuring to the tune of another $8 billion… and counting! Buried in the financial headlines are the facts that the United Auto Workers union will now own 55% of Chrysler; the federal government 8%; Fiat (the Italian auto maker) 20%, and the Chrysler creditors (private sector investors) get the shaft with a 10% stake. Thank you Congress! Main Street American voters will have a chance to let Congress know what they think of this financial insanity in 2010. There should not be a single incumbent Congressman or woman left in office after the midterm elections.
Posted by SamG at 5/1/2009 8:52 AM 
Categories: Squandering; CYA, Cultural Corruption; Institutional Corruption, Ineptitude
Tags: Nationalization squander bailout
Categories: Squandering; CYA, Cultural Corruption; Institutional Corruption, Ineptitude
Tags: Nationalization squander bailout
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