Thanks to the government’s philosophy of too big to fail, we bailed out Chrysler earlier this year with billion and they now declared bankruptcy.
So, where is the bailout money going?
Why are we bailing out failed companies instead of investing into companies that have avoided bailout money, like Ford? If we are going to give money to companies, then we should at least give money to the companies that are solvent, not to people who are running an insolvent business.
Home | Bankruptcy | Blog article: Where did the $4 billion go to bailout Chrysler since they now declared bankruptcy?
don1862 7:01 am on February 8, 2010 Permalink |
It went to pay UAW members so they could have a cushy job for a few more months before they have to start working for a living.
Helper 7:01 am on February 8, 2010 Permalink |
Look at the top contributors answer and you will have your answer. That is why they are a top contributor. Chapter 11 is just a reorganization and the court can relieve them of debts from certain entities so that they can remain solvent (keep making cars) and work out a plan to help them succeed.
President Obama is in agreement with this action because of the BIG banks not cooperating by doing their part to take cuts, so now they will probably lose most of their invested money that was just speculation money anyway.
Its the best for Chrysler.
DUDE!!! 7:01 am on February 8, 2010 Permalink |
in a ceo pocket
Sunshine 7:01 am on February 8, 2010 Permalink |
It’s a Chapter 11 reorganization. I hope that means they actually reorganize and get their act together. I don’t think the bailout money will be lost from a reorganization, but it will stave off creditors while they get a handle on things. At least that’s the hope.
Retta 7:01 am on February 8, 2010 Permalink |
It’s gone, never to be seen again! Probably going to bonuses, and union workers! Hope you kissed it good-bye, I know I did!
gitrdoneobama 7:01 am on February 8, 2010 Permalink |
It’s a loan actually, not a bailout.
Lord Barrack O-Vader 7:01 am on February 8, 2010 Permalink |
Went to Acorn and the UAW.
Kay 7:01 am on February 8, 2010 Permalink |
Probably to the hedge fund that owned them.
Starge 7:01 am on February 8, 2010 Permalink |
The money left the country. That’s why the government is trying to get the Swiss banks to give them the names of the holders of over 500 privately held accounts.