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Thursday, July 21, 2011

Federal “investment” in Chrysler comes to an end

Announced from the Treasury today

"the U.S. government has exited its investment in Chrysler at least six years earlier than expected," said Tim Massad, assistant secretary for financial stability


Treasury provided a total of $12.5 billion to Chrysler and its financing arm after the recession hampered auto sales and sent Chrysler and General Motors to the brink of collapse.

Right, I remember that (*cough* bailout *cough*). Did we make a profit or at least get our money back with this “investment”?

Since then, $11.2 billion of the assistance has been repaid, Treasury said. Chrysler repaid $5.1 billion in loans from the government in May. But the $1.3 billion remaining is unlikely to be recovered, Treasury said.

Oh. Well at least that foreign company that is taking it off our hands got a good deal…

Federal Government Investment Group, providing -10.4% return since 2009.

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