"HK" wrote in message
m...

Tom Francis - SWSports wrote:

The American taxpayer will get nothing for the billions of dollars
showered on Chrysler from which the UAW and FIAT will benefit the
most.

Obama's administration said just yesterday that the $8 billion in
“bridge loans” the U.S. taxpayer has given to Chrysler over the past
six months, including $4 billion in bankruptcy financing, won’t be
paid back. Taxpayers also won’t be getting a big slug of Chrysler
stock in exchange.

http://money.cnn.com/2009/05/05/news...oans/index.htm

Chrysler will be divided up among Fiat, Chrysler’s unions, and
Chrysler’s debtholders. Which means that the taxpayers’ $8 billion
was a gift to these three consitituencies.

I wonder whether the Obama administration will explain its “gift” to
the saps who paid for it. I’d say that the explanation is obvious.
The White House wanted to pay off the UAW and used the shell of
Chrysler to do it.

How do you like your boy now?




If you mean Obama, just fine. I think it entirely appropriate for the
government to take steps, including blowing if necessary some billions of
dollars to try to save a significant U.S. industry.



Problem is, Chrysler was DOA. Has been for years. Chrysler knew that.
Daimler knew that.
The financial group that bought it from Dampier knew that. It should have
been allowed to go to Chapter 11 or 7 peacefully and not have cost another
$8B.


Tom's is right. The taxpayer can kiss 8 billion away for an eventuality
that would have been exactly the same for nothing. Here's another good one
..... Bank of America:

http://finance.yahoo.com/tech-ticker/article/242096/Stress-Test-Shocker-BofA-Needs-34B-But-That%27s-%22Good-News%22-for-Ken-Lewis-&-Co.?tickers=BAC,C,XLF,SKF,FAS,FAZ,^DJI

Good thing those printing presses are humming.

Eisboch