Our Dark Overlord Tells Auto Workers Chrysler Has “Repaid Every Dime” – Neglects To Mention They Still Owe $6.44 Billion

Yeah…  I’m suprised Our Dark Overlord didn’t start telling the union workers  that,  “they worked shorter hours, that their drinking water was of better quality, that they lived longer, that a larger proportion of their young ones survived infancy, and that they had more straw in their stalls and suffered less from fleas.

Taxpayers lost $6.44 billion on Chrysler bailout

Conn Carroll – Washington Examiner

President Obama told a Chrysler plant in Toledo, Ohio, today: “Chrysler has repaid every dime and more of what it owes the American taxpayer from the investment we made during my watch.” That is just not true. Here is the math.

Chrysler received the following loans from the federal government:
January 2009: Chrysler receives $4 billion loan from TARP
January 2009: Chrysler financial receives $1.5 billion from the Treasury Department
May 2009: Chrysler receives a $1.9 billion debtor in possession loan from the Treasury Department
June 2009: Chrysler receives a $6.6 billion loan from the Treasury Department
Total loaned to Chrysler: $14 billion

Chrysler made the following payments to the federal government:
May 2010: Chrysler pays the Treasury Department $1.9 billion to settle their January 2009 loan.
May 2011: Chrysler pays the Treasury Department $5.1 billion as partial settlement for June 2009 loan.
June 2011: Chrysler pays the Treasury Department $560 million to settle the rest of the June 2009 loan.
Total paid back by Chrysler: $7.56 billion

Total loss to taxpayers ($14 billion – $7.56 billion) = $6.44 billion.

Also not mentioned by Obama in Toledo today, the latest jobs report showing unemployment up to 9.1% including a 3,400 job drop in the auto sector.

Explore posts in the same categories: Money, Myth Busting, Obama Sucks, politics

3 Comments on “Our Dark Overlord Tells Auto Workers Chrysler Has “Repaid Every Dime” – Neglects To Mention They Still Owe $6.44 Billion”

  1. boudicabpi Says:

    Yeah,
    They pay back the dimes just not the dollars. Kind of what Obama’s change leaves you with.
    Bob A.

  2. tgusa Says:

    Remember way back when Lee Iacocca was going to make Chrysler the pride of the American auto industry once again? No, neither does Obama.

  3. Big Frank Says:

    What really cracks me up is when all of the lunatic, leftist, liberals, cry, bitch, and moan about so-called corporate welfare and tax breaks to employers that provide decent good paying jobs, however they are strangely silent when the UAW and the auto companies are bailed out to the tune of billion$ of our hard earned tax dollar$ that they have confiscated from us, and it has become evident that any of these ‘bailouts’ will be repaid with interest if at all..


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