[News Grabber]

Chrysler CEO Sergio Marchionne said on Tuesday that the federal government will get its money back -- and may even turn a profit -- from its rescue of the Automaker.

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[2B3LJ]

call me a cynic but i will believe it when i see it

 

[Houdini]

It's happened in the past.... seven years earlier than expected. http://en.wikipedia.org/wiki/Lee_Iacocca#1979_Auto_Bailout

I never had a doubt that it was the right thing to do for the auto industry. And would be paid back.

 

[2B3LJ]

It's happened in the past.... seven years earlier than expected. http://en.wikipedia.org/wiki/Lee_Iacocca#1979_Auto_Bailout

I never had a doubt that it was the right thing to do for the auto industry. And would be paid back.

unfortunately this time around it is a lot more money and the people running the company now dont seem to be as smart as iacocca was
back in the day

 

[Houdini]

True, there are some major differences. In '79 the government didn't even loan them money, only co-signed for the loans. Still, the treasury ended up $350 million dollars richer after the loans were repaid. It will be interesting to see how much "profit" the taxpayers get this time.

And I think the people that were running the company - Cerberus - are definitely not as smart as Iaccoca, but Marchionne has a history of turning around Fiat. Hopefully that experience translates to having the ability to turn around an American company, in the American market. Time will tell.