Taxpayers lost $6.44 billion on Chrysler bailout | Conn Carroll | Beltway Confidential | Washington Examiner

Taxpayers lost $6.44 billion on Chrysler bailout

By: Conn Carroll 06/03/11 3:17 PM
Senior Editorial Writer Follow Him @conncarroll

President Obama told a Chrysler plant in Toledo, Ohio, today: “Chrysler has repaid every dime and more of what it owes the American taxpayer from the investment we made during my watch.” That is just not true. Here is the math.

Chrysler received the following loans from the federal government:
January 2009: Chrysler receives $4 billion loan from TARP
January 2009: Chrysler financial receives $1.5 billion from the Treasury Department
May 2009: Chrysler receives a $1.9 billion debtor in possession loan from the Treasury Department
June 2009: Chrysler receives a $6.6 billion loan from the Treasury Department
Total loaned to Chrysler: $14 billion

Chrysler made the following payments to the federal government:
May 2010: Chrysler pays the Treasury Department $1.9 billion to settle their January 2009 loan.
May 2011: Chrysler pays the Treasury Department $5.1 billion as partial settlement for June 2009 loan.
June 2011: Chrysler pays the Treasury Department $560 million to settle the rest of the June 2009 loan.
Total paid back by Chrysler: $7.56 billion

Total loss to taxpayers ($14 billion – $7.56 billion) = $6.44 billion.

Also not mentioned by Obama in Toledo today, the latest jobs report showing unemployment up to 9.1% including a 3,400 job drop in the auto sector.

Read more at the Washington Examiner: http://washingtonexaminer.com/blogs/beltway-confidential/2011/06/taxpayers-lost-644-billion-chrysler-bailout?utm_source=feedburner+BeltwayConfidential&utm_medium=feed+Beltway+Confidential&utm_campaign=Feed%3A+BeltwayConfidential+%28Beltway+Confidential%29#ixzz1OYTxzyiB