Excerpt
JEFFREY BROWN (Newshour): And we turn to an update on one of the big three automakers, as Chrysler pays back billions.
Chrysler CEO Sergio Marchionne made the announcement as he stood before a banner reading "Paid" at a plant just outside Detroit.
SERGIO MARCHIONNE, Chrysler: We have received confirmation this morning at 10:13 a.m. from Citigroup that Chrysler Group repaid, with interest, by wire transfer to the United States Treasury and by bank transfer to the Canadian government, every penny that had been loaned less than two years ago.
(CHEERING AND APPLAUSE)
JEFFREY BROWN: The bill came to $7.6 billion -- $5.9 billion repaid to the U.S. government and $1.7 billion to Canada.
The company financed the repayment with a mixture of bonds, bank loans, and an increased stake from its Italian part-owner, Fiat. Less than two years ago, Chrysler had emerged from Chapter 11 bankruptcy with a government bailout package that also left it under Fiat management.
Ron Bloom was part of President Obama's auto task force.
RON BLOOM, assistant to President Obama for manufacturing policy: This repayment means that U.S. taxpayers have now recouped more than 100 percent of the money that President Obama invested in the company, and over 85 percent of all moneys invested by the U.S. government.
If that doesn't qualify Chrysler for comeback of the year, then I cannot imagine what would.
(CHEERING AND APPLAUSE)
JEFFREY BROWN: Two years ago, a number of Republicans criticized the bailout, charging the Obama administration had overreached.
REP. JOHN BOEHNER, R-Ohio Minority Leader: What we really ought to have is an exit plan to get the federal taxpayers' money back in the treasury and allow the private sector to be itself.
JEFFREY BROWN: And today's announcement immediately became a political football, as the Democratic National Committee released an ad taking note of the earlier criticism and celebrating Chrysler's comeback.
MITT ROMNEY, (R) former Massachusetts governor: ... that, if you write a check, they're going to go out of business.
JEFFREY BROWN: Today's move was the latest step in what may be a broader revival of a Detroit auto industry all but left for dead two years ago.
The smallest of the big three Detroit automakers, Chrysler has been fighting to restore its image, as well as its bottom line, including a big Super Bowl ad featuring Detroit's own Eminem.
EMINEM, musician: This is the Motor City, and this is what we do.
JEFFREY BROWN: And, last quarter, Chrysler posted its first net profit in five years.
American taxpayers win AND Chrysler workers win. Also, private investments look better.
No comments:
Post a Comment