The UAW Says Thanks Taxpayers!

Surprise, surprise!

Chrysler Won’t Pay Back U.S. Loans

Taxpayers may never get back billions of dollars lent to Chrysler, according to various reports.

Testifying in bankruptcy court on Monday, one of the top financial advisers overseeing Chrysler’s restructuring said the U.S. government may never get back its loans to the company.

“They’re offering financing with a low likelihood of being repaid,” said Robert Manzo, an executive director for Capstone Advisory Group LLC, according to the Associated Press.

Manzo’s comments mirror the assumptions he listed in Chrysler’s bankruptcy filings last week, CNN Money reports. As part of its Chapter 11 reorganization, Manzo wrote Chrysler expects the U.S. Treasury to forgive a $4 billion bridge loan the automaker received during the Bush administration, a $300 million fee on that loan, and the $3.2 billion in financing the Obama administration approved last week to help the company stay afloat while it is in bankruptcy.

The Obama administration confirmed to CNN on Tuesday that it does not expect Chrylser to repay the loans.

See also:
REPORT: Chrysler unlikely to pay back most recent $4.5 billion gov’t loan
Chrysler won’t repay bailout money

What a scam. This amounts to a direct transfer payment to the UAW, nothing more. You should be getting your taxpayer thank you note from them any day now. The government should have just burned the money in a massive bonfire for all the good we’re getting out of it. Chrysler should have gone bankrupt in November. Remember when all the politicians were adamant that bankruptcy wasn’t an option because allowing Chrysler to go bankrupt would plunge the U.S. economy into a deep depression and basically the world would come to an end? Well, here we are, six months and billions of taxpayer dollars later, and Chrysler is bankrupt and the economy didn’t even so much as flinch.

/with all the billions of taxpayer money we wasted on Chrysler, we could have built the rest of the, now on the chopping block, F-22 Rapror fleet the Air Force wants and restored all the proposed cuts to missile defense