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Chrysler is planning a grand finale today -- "Payoff day," as Chrysler and Fiat CEO Sergio Marchionne called it Monday during a Fiat dealership opening in Macomb Township.
The Auburn Hills automaker is to wire the $5.8 billion and $1.7 billion it owes to the U.S. and Canadian governments, respectively, after raising $7.5 billion in a financing deal announced last week.
__________________ "Being the best doesn't mean you always win. It just means you win more than anyone else".. tweet from Kurt Warner to Tom Brady.
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Yup. GM's in a different position, and treasury is still trying to time their remaining shares to get more $ back for the taxpayers. But counting the jobs saved these programs are huge successes. Certainly a better deal than the wall street bailouts -- when you count AIG.
Is this similar to the GM payback that was financed by other government loans? It's not clear from the article. If not, then my opinion of Chrysler just went skyward.
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We get what we deserve.
------------------ “On a day when they could have had impact players David Terrell or Koren Robinson..they took Georgia defensive tackle Richard Seymour, who had 1 sacks last season in the pass-happy SEC and is too tall to play tackle at 6-6 and too slow to play defensive end. This genius move was followed by trading out of a spot where they could have gotten the last decent receiver in Robert Ferguson and settled for tackle Matt Light, who will not help any time soon.”
But there is one inconvenient truth you won't hear at the Sterling Heights, Mich. ceremony: Chrysler wouldn't be here had it not defied its green White House masters. Chrysler's return to profitability is a direct result of the fabulous success of its SUVs.
The White House hand-picked Fiat to shepherd Chrysler out of bankruptcy in June, 2009 because of Barack Obama's obsession with remaking Detroit's automakers in the image of their European peers. Convinced that Americans craved small cars to fight the warming scourge, the president demanded Fiat bring its best-selling 500 Eurobox to the States as part of the acquisition deal. Obama was convinced that Fiat could reform the immoral, gas-swigging, SUV-dependent Chrysler.
The exact opposite occurred.
Two years later, the little 500 is about to go on sale in dealer "boutiques" - but it is the resurgence of America's appetite for trucks that has brought Chrysler back from the dead. Chrysler Group reported sales were up 17 percent to 1.1 million vehicles in 2010 on the strength of its wildly popular, redesigned Jeep Grand Cherokee and Dodge Durango SUVs. For CEO Marchionne, the SUVs success in the U.S. market has been a revelation and he is planning to expand the SUV lineup into Europe with Alfa Romeo and Maserati-badged trucks. Marchionne is no starry-eyed green - he has realized that trucks like the Cherokee typically rake in twice the per-vehicle profit of cars (thus the beleaguered company's speedy repayment of U.S. loans).
Chrysler's truck sales - largely ignored by Obama's green media parrots - has also been good to UAW workers as Chrysler's Detroit assembly plant is now at full, three-shift capacity.
“Mitt Romney had the idea first,” said Eric Fehrnstrom, a Romney spokesman, citing the Times opinion article. “You have to acknowledge that. He was advocating for a course of action that eventually the Obama administration adopted.”
Of course this is TODAY....
so, Romney is also against what he was for...
“Mitt Romney argued that instead of a bailout, we should let the car companies go through a restructuring under the bankruptcy laws,” Mr. Fehrnstrom said.
“Mitt Romney had the idea first,” said Eric Fehrnstrom, a Romney spokesman, citing the Times opinion article. “You have to acknowledge that. He was advocating for a course of action that eventually the Obama administration adopted.”
Of course this is TODAY....
so, Romney is also against what he was for...
“Mitt Romney argued that instead of a bailout, we should let the car companies go through a restructuring under the bankruptcy laws,” Mr. Fehrnstrom said.
classic
The day Mitt doesn't do a 180 on any of his statements is the day I cast my vote for him! He is worse than Newt.
American taxpayers have already spent more than $13 billion bailing out Chrysler. The Obama administration already forgave more than $4 billion of that debt when the company filed for bankruptcy in 2009. Taxpayers are never getting that money back. But how is Chrysler now paying off the rest of the $7.6 billion they owe the Treasury Department?
The Obama administration’s bailout agreement with Fiat gave the Italian car company a “Incremental Call Option” that allows it to buy up to 16% of Chrysler stock at a reduced price. But in order to exercise the option, Fiat had to first pay back at least $3.5 billion of its loan to the Treasury Department. But Fiat was having trouble getting private banks to lend it the money. Enter Obama Energy Secretary Steven Chu who has signaled that he will approve a fuel-efficient vehicle loan to Chrysler for … wait for it … $3.5 billion.
With the Obama administration this is what passes for success......
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"Some guys play in all-star games, some guys don't. I don't know who picks all those all-star teams. In all honesty, I don't know who picks the combine, for that matter," Belichick said. "How does (Miami-Ohio offensive lineman Brandon) Brooks not get invited to the combine? How did Vollmer not get invited to the combine? I don't know. We can't really worry about that. We just have to try to evaluate them the best we can."
Despite these shady deals and accounting shell games, and despite the effective suspension of the rule of law that made the auto bailout possible, the Obama administration still hasn't made this deal worth the investment. According to the Government Accountability Office, U.S. taxpayers have spent $49.5 billion bailing out GM. They will likely never recoup the full $27 billion still tied up in the deal, especially considering that the entire company is only worth $46 billion. And the Chrysler situation is far worse: The government has spent $12.5 billion so far to bail out a $5 billion company. To whatever extent Americans understand the real story behind the auto bailouts, they will be an albatross around the neck of Obama's re-election prospects, not a political asset.
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"Some guys play in all-star games, some guys don't. I don't know who picks all those all-star teams. In all honesty, I don't know who picks the combine, for that matter," Belichick said. "How does (Miami-Ohio offensive lineman Brandon) Brooks not get invited to the combine? How did Vollmer not get invited to the combine? I don't know. We can't really worry about that. We just have to try to evaluate them the best we can."
The rightie blogmachine is something. Google "Chrysler" and "efficient vehicle loan." What you get is page after page after page of 13's same posted "story," verbatim.
I'd like to see the source of the claim in the opinion column, and where it derives from.
I'm just saying I'm skeptical of posts and reposts and re-re-posts in the echo chamber, all sourced to an "Opinion" column.
In terms of the diff between Chrysler and GM, Chrysler found a match in Fiat (& Sergio Marchione.) Chrysler is basically now a subsidiary of Fiat, or will be when Marchione buys his next tranche of government shares back. Chrysler's not publicly traded, GM is.
To Marchione, U.S. Chrysler operations are sort of like Chinese GM plants are to our minds: the most efficient way to do assembly/finishing of Chryslers/Jeeps/fiat-rebadges in the U.S., where they'll be sold. It's a big fat American market and ready-made dealership network for a guy who wanted his company back in to the US market, using US (and other) labor to sell to US customers.
GM's publicly traded, and immediately after the bailout a major holder of its shares was the Voluntary Employee Benefits Association -- its health care fund. Since they were owed certain benefits, the VEBA ended up getting the company instead. The government is also a big shareholder.
The VEBA has no desire to actually own the company, of course... so they want to unload their shares as bad as the govt. I am not sure whether the US bought out any of the VEBA's share at any point, and how they coordinate their respective stock offerings when the sell them off.
Like I said, I haven't been deep into those details for a while.
The latest rightie talking point doesn't seem to have any independent confirmation you can find w/a quick google, but that's probably only because the echo chamber has regurgitated the same characterization so often already.
My best guess is there's a germ of truth there, conveniently and repetitively presented with no semblance of context.
Chrysler Paying off Government Loans Today..
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