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Separation of "Old Chrysler" and "New Chrysler" Leaves Some Unsatisfied
Posted: Dec, 22 2009
If you're keeping a list of who's been naughty or nice, you might want to sharpen your pencil for Chrysler and GM.
In a special message of holiday cheer, Chrysler announced through filings last week that its pre-bankruptcy self doesn't appear to want to make good on its $3.7 billion loan from U.S. taxpayers. The money went to the old Chrysler (now called, officially, the "OldCar Co") through the Troubled Asset Relief Program (TARP) in April of 2009 when the company announced its "fast track" Chapter 11 bankruptcy.
Counter that against the letter then-CEO Bob Nardelli wrote to stakeholders before the money came through:
"Our viability plan demonstrates that Chrysler will repay the U.S. government loans in full, with a premium beginning in 2012," Nardelli wrote. "As we have indicated all along, shared sacrifice is necessary for Chrysler's survival."
Nardelli, long gone, doesn't have to answer why, but we hope he blushes when he looks at himself in the mirror in the morning. The announcement also appears to fly in the face of TARP's marching orders, which counted recoupment as a major factor in its passage through Congress. The thinking was that no TARP funds would ever add to the national debt. At least from what we've heard from Chrysler, that doesn't appear to be the case.
Chrysler Says It Won't Pay U.S. (Us) Back
Either pay the money back or tax their asses to get it back. If that doesn't work sue Fiat or kick them the fuck out of the USA.
Posted: Dec, 22 2009
If you're keeping a list of who's been naughty or nice, you might want to sharpen your pencil for Chrysler and GM.
In a special message of holiday cheer, Chrysler announced through filings last week that its pre-bankruptcy self doesn't appear to want to make good on its $3.7 billion loan from U.S. taxpayers. The money went to the old Chrysler (now called, officially, the "OldCar Co") through the Troubled Asset Relief Program (TARP) in April of 2009 when the company announced its "fast track" Chapter 11 bankruptcy.
Counter that against the letter then-CEO Bob Nardelli wrote to stakeholders before the money came through:
"Our viability plan demonstrates that Chrysler will repay the U.S. government loans in full, with a premium beginning in 2012," Nardelli wrote. "As we have indicated all along, shared sacrifice is necessary for Chrysler's survival."
Nardelli, long gone, doesn't have to answer why, but we hope he blushes when he looks at himself in the mirror in the morning. The announcement also appears to fly in the face of TARP's marching orders, which counted recoupment as a major factor in its passage through Congress. The thinking was that no TARP funds would ever add to the national debt. At least from what we've heard from Chrysler, that doesn't appear to be the case.
Chrysler Says It Won't Pay U.S. (Us) Back
Either pay the money back or tax their asses to get it back. If that doesn't work sue Fiat or kick them the fuck out of the USA.
NBA is a joke
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