Tuesday, May 24, 2011

Crysler pays off loans from the US

President Obama proves the naysayers wrong once again!

Chrysler Announces Loan Repayment, Another Payoff of President Obama’s Investment

In a wire transfer this morning, the Chrysler Group paid back $7.5 billion in government loans it received from the U.S. and Canadian governments.

It’s a success story few expected. In 2008, the auto industry was on the brink of collapse and the jobs of thousands of Americans were at stake. President Obama chose an alternate outcome, directing the federal government to back the loans that gave America’s car companies the lifeline they needed.

In the time since, those automakers have reinvented their companies and turned the industry around.

As Chrysler CEO Sergio Marchionne put it yesterday, “Tomorrow is payoff day." The Detroit News reports:

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