1.5 Billion to Save An Italian Car Company


 How do you make a Fiat go faster?  You tell the tow truck driver to speed up.

What’s a Fiat on top of a hill? A miracle. What are two Fiats on top of a hill? Science Fiction. What are three Fiats on top of a hill? A strange place for a Fiat factory.

Joking aside, we lost 1.5 billion to save a U.S. car company that is an Italian car company, but we can’t find 3 billion to pay our military if the debt ceiling isn’t raised. Nothing against Italian car companies but this was supposed to be about saving U.S. car companies.

NEW YORK (CNNMoney) — U.S. taxpayers likely lost $1.3 billion in the government bailout of Chrysler, the Treasury Department announced Thursday.

The government recently sold its remaining 6% stake in the company to Italian automaker Fiat, wrapping up the 2009 bailout that was part of the Troubled Asset Relief Program, six years early.

 “The fact that the company has done so well l — that they were able to go out and raise private capital to repay us the loan so quickly, is really the big story,” said Tim Massad, Treasury assistant secretary for financial stability.

Fiat paid the Treasury a total of $560 million for the remaining shares, as well as rights to shares held by the United Auto Workers retiree trust. Fiat now owns a 53.5% stake in the company. Read here: Wasting taxpayer dollars