Chrysler CEO Sergio Marchionne has recently issued an apology for referring to the $12 billion his company received from the government as the infamous government bailout, as ‘shyster loans’. Marchionne has been clear in public statements about the fact that Chrysler Corporation has paid more than $1.2 billion in interest last year on its bailout funds, and that the company would have realized a huge profit if it had not been for that expense.
“I want to pay back the shyster loans,” Marchionne said Friday. “When we did this deal back in 2009, we couldn’t have borrowed a buck from a 7-Eleven store. The banking system was shut.”
“The loans to Chrysler were made at or below market rates and in full agreement with Fiat. At that time, the U.S. government was the only entity prepared to lend,” former car czar Steve Rattner said in an e-mail Saturday. “No one would be happier than members of Team Auto if Chrysler chose to refinance the government out.”
“I used a term in reference to the interest rate being charged on our government loans that has raised concern. I regret the remark which I consider inappropriate,” Marchionne said in his statement.
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