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: