Pirate's Cove

Let’s see. We have banks that want to repay their bailout loans, and Los Federales, starting with Little Timmay Geithner and Dear Leader, either won’t let them, or are making it extraordinarily difficult. And then there is Chrysler

Chrysler LLC will not repay U.S. taxpayers more than $7 billion in bailout money it received earlier this year and as part of its bankruptcy filing.

This revelation was buried within Chrysler’s bankruptcy filings last week and confirmed by the Obama administration Tuesday. The filings included a list of business assumptions from one of the company’s key financial advisors in the bankruptcy case.

I have to wonder how many other companies will end up in a position where they cannot pay the bailout monies back, or are told “na, don’t bother, we’re good.”

“The reality now is that the face value [of the $4 billion bridge loan] will be written off in the bankruptcy process,” said the official, who added that the 8% equity stake that Treasury will be receiving as part of the company’s reorganization is meant to compensate taxpayers for the lost money.

“While we do not expect a recovery of these funds, we are comfortable that in the totality of the arrangement, the Treasury and the American taxpayer are being fairly compensated,” said the official.

First, what value will we see for our money? Any? What will the American People get out of Chrysler, particularly when President Neophyte will be able to dictate the types of cars Chrysler can and can’t make, burying lines that make $$$ and forcing them to make cars that people, even Climahysterics, don’t want? Second

According to the filing, the company’s financial advisor also foresees the need for an additional $1.5 billion loan from the Treasury Department by June 30, 2010.

That might be piddling money to Los Federales, but, to American citizens who actually work for a living, it means something. Good thing we have a president who has never worked a real job and has surrounded himself with tax cheats, eh?