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Chrysler repays government loans
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| Parent(s) |
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| Contributor | Brandonius Maximus |
| Last Edited | Brandonius Maximus May 24, 2011 01:51pm |
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| Category | News |
| Author | Keith Laing |
| News Date | Tuesday, May 24, 2011 07:50:00 PM UTC0:0 |
| Description | One of the Detroit car companies bailed out during the financial crisis said Tuesday it had repaid $6.7 billion in loans to the federal government and Canada, plus interest.
Chrysler said it was paying both the initial money the government put up in June 2009, as well as $1.8 billion in interest, six years ahead of schedule. The company borrowed $5.1 billion from U.S. government and $1.6 billion from Canada.
"Less than two years ago, we made a commitment to repay the U.S. and Canadian taxpayers in full and today we made good on that promise," Chrysler CEO Sergio Marchionne said in a statement. "The loans gave us a rare second chance to demonstrate what the people of this company can deliver and we owe a debt of gratitude to those whose intervention allowed Chrysler Group to re-establish itself as a strong and viable carmaker."
The controversial auto bailouts originated under former President George W. Bush in 2008, but it was President Obama who was widely criticized in 2009 for continued intervention in the affairs of the auto companies as his administration managed the assistance to Chrysler and General Motors. |
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