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Friday, July 22, 2011

U.S. Loses $1.3 Billion In Exiting Chrysler

NEW YORK (CNNMoney) -- U.S. taxpayers likely lost $1.3 billion in the government bailout of Chrysler, the Treasury Department announced Thursday.

The government recently sold its remaining 6% stake in the company to Italian automaker Fiat, wrapping up the 2009 bailout that was part of the Troubled Asset Relief Program, six years early.

"The fact that the company has done so well -- that they were able to go out and raise private capital to repay us the loan so quickly, is really the big story," said Tim Massad, Treasury assistant secretary for financial stability.

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1 comment:

  1. RickJuly 22, 2011 at 7:54 AM

    How can the Treasury Dept. say this is a good deal with a straight face when we sell our remaining stake for less than a third of what we paid for it. This is another example of a government that is totally out of touch with reality.

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