Friday, June 3, 2011

Obama lies about Chrysler repaying bailout money

At a Chrysler plant in Ohio, President Obama claimed Chrysler repaid every dime of their bailout money. That is false. A $4 billion bridge loan and $3.2 billion in bankruptcy financing have not and never will be repaid. Only the money loaned Chrysler after the bankruptcy has been repaid. The US did get some shares of the new company and President Obama is touting their sale. The U.S. Government is selling their share of Chrysler to Fiat for #3.5 billion. Coincidentally, they are at the same time giving Chrysler a $3.5 billion loan fuel-efficient vehicle loan. Go figure.

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