When Chrysler Corp. filed for bankruptcy last month, little did the American people realize just what that actually meant. Within those legal bankruptcy papers was the not so publicized fine print. The $7 billion dollar bailout loan that the American people funded so graciously to Chrysler, will be forgiven by the U.S. government.
That’s right. Remember all of the hoopla over auto executives groveling to the Senate and the American public about how broke they were, yet they flew to Washington in a private plane? Remember how they begged for that money and promised to pay it back? Apparently upon filing bankruptcy, that little deal is off.
According to the Obama administration, Chrysler’s $7 billion dollar bailout loan or what should be appropriately labeled gift, we the American people, are cool with that and are being compensated for our tax dollar contribution. Yep. An Obama administration official stated that “while we [ the White House] do not expect a recovery of these funds, we are comfortable that in totality of the arrangement, the Treasury and the American tax payer are being fairly compensated.”
Exactly how will we, the American people, be “fairly compensated?” If you are behind in your monthly Chrysler payment on a car, van, jeep or sport utility vehicle, who is it that will hound you morn, noon and night, seven days of the week, until you bleed a payment of some sort? Chrysler Financial. Who will risk a lawsuit to hound you at your place of employment for a payment on a product that even they know isn’t worth repossessing or reselling?
So, how will the American people be “fairly compensated” for literally cursing a generation not yet born with a debt the size of the universe? According to my sources, if the American tax payer filed for bankruptcy with an outstanding Chrysler loan, they would still be liable for the entire loan. Chrysler never forgives a loan.
Explain how it is that Chrysler was given the mother load of all loans and they are excused from paying it back? The bailout money comes from American tax payers. It was not our fault that due to greedy and bad executive management skills, Chrysler is in the proverbial crapper! Chrysler Financial’s gangster tactics prevents the layman from getting over.
However, the question remains. What is the Obama administration and what is left of Chrysler Corp. going to do to “fairly compensate the American tax payer?” We have a suggestion: forgive Chrysler lessee and buyer loans. With the economy at an all time high, especially in Michigan, Chrysler vehicle owners deserve the same consideration that Corporate does. Instead of harassment for the penny some Americans do not have, how about some leniency? In other words, since the American people coughed up $7 billion dollars and will be stuck with the bill for years to come, isn’t it time that Chrysler stops biting the hand that feeds it?
It’s called doing the right thing for those who don’t know. I’m talking to you Chrysler big wigs in Auburn Hills on the top executive floor. Oh, and by the way, Chrysler Financial is going out of business according to bankruptcy documents.