Quote of the Day: It's Not a Bailout, It's a Loan Edition
September 5th, 2009 1:36 AM
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This has nothing to do with Chrysler Group.
Chrysler spokesman Shawn Morgan on Bloomberg‘s revelation that the Department of the Treasury has sent a notice of default to Old CarCo (AKA Bad Chrysler) for $3.34B worth of bailout “loans.” Surprised? You shouldn’t be.
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IMO, the better quote is: Since filing for bankruptcy on April 30, Old Carco paid $55 million for advice from lawyers, bankers and accountants, according to the monthly operating report filed today in U.S. Bankruptcy Court in Manhattan. Everybody loves it when lawyers and accountants come away with $ while everyone else foots the bill - right? No? Damn.
@holydonut- The only possible silver lining to this would be if some of the afore-mentioned leeches got shafted because of Treasury's loan call.
It should be required reading for everyone to read the Friday article about the in-depth study in state of Michigan tax incentives provided to business as provided in the Wall Street Journal editorial section. Basically proof positive of how hosed up government intervention is and can be....and the resultant cost to taxpayers with no upside
I think Chrysler should clean up all line up. Chrysler (large, mid cars)- Jeep (SUV)- Fiat (small car) 3 brands are enough. viper? no need it. seperate dodge from fiat-chrysler group, and sell it.