Today was “payoff day” for Chrysler, the day when CEO Sergio Marchionne went to Michigan to boast that his company had
repaid, with interest, by wire transfer to the United States Treasury and by bank transfer to the Canadian government, every penny that had been loaned less than two years ago. [Emphasis added]
You intuitively figured that this was BS, right? You didn’t know exactly why, but you knew you could count on Edward Niedermeyer of Truth About Cars to explain that Chrysler’s every-penny “payback” was, oh, about $5 billion short. Well, you were right. … Hint: Some of the money was loaned more than two years ago. … P.S.: The government still owns 6.6% of Chrysler and it doesn’t look like its position will be bought out soon. … P.P.S.: The Dems claim they are planning to run on the auto bailout’s success. Do you a) believe this or b) intuitively figure this is wishful heuristic boasting and that in the event the Dems will find a better issue (psst, edicare-Ma!) to run on because they want to actually win? …
Update: It may not be as phony as reported above–it could be phonier! There also seems to be a $3.5 billion loan from the Department of Energy. Conn Carroll’s conclusion—
So, to recap, the Obama Energy Department is loaning a foreign car company $3.5 billion so that it can pay the Treasury Department $7.6 billion even though American taxpayers spent $13 billion to save an American car company that is currently only worth $5 billion.
Oh, and Obama plans to make this “success” a centerpiece of his 2012 campaign.