The Truth Behind Chrysler’s Fake Auto Bailout Pay Back

by Conn Carroll - May 24, 2011 - The Washington Examiner

It is not every day that the White House and Democratic National Committee celebrate a supposedly private company’s debt restructuring plan, but such is the marriage of big government and big business under the Obama administration. The New York Times reports: “Chrysler said Tuesday that it had paid back $7.6 billion in loans from the American and Canadian governments, marking another significant step in the revival of the company, the smallest of the Detroit automakers.”

The truth is that $4 billion of a $13 billion loan was forgiven, not paid back, in the Chyrsler bailout bankruptcy.

Now another $3.5 billion is being loaned to Fiat under totally corrupt interpretations of another grant program to allow Fiat to pay back a similar amount against the original loan. In fact, nothing has been paid back. Chrysler still owes the American government $9 billion after giving up rights to $4 billion of the original loan of $13 billion.

This is called Obamanomics. In earlier days it was called a lying fraud.