Taxpayers may never get back billions of dollars lent to Chrysler, according to various reports.Testifying in bankruptcy court on Monday, one of the top financial advisers overseeing Chrysler's restructuring said the U.S. government may never get back its loans to the company.
"They're offering financing with a low likelihood of being repaid," said Robert Manzo, an executive director for Capstone Advisory Group LLC, according to the Associated Press.
Manzo's comments mirror the assumptions he listed in Chrysler's bankruptcy filings last week, CNN Money reports. As part of its Chapter 11 reorganization, Manzo wrote Chrysler expects the U.S. Treasury to forgive a $4 billion bridge loan the automaker received during the Bush administration, a $300 million fee on that loan, and the $3.2 billion in financing the Obama administration approved last week to help the company stay afloat while it is in bankruptcy. - CBS News Story
Would you look at that? While Obama is selling us on the load of crappy crap crap, about the Investment for our future he is secretly handing out Billions of taxpayer dollars without a real expectation of ever getting paid back.
What about FORD and GM, this seems pretty unfair to them?
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