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.Economists think that government expenditures should have some kind of justification. I wonder how one constructs a justification for the money spent on Chrysler. I can not see how one would do it.
"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.Political spin only goes so far. This statement is absurdity.
The Obama administration may come out looking very badly when this is all (Chrysler and GM) finished.