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Setting the Record Straight: Facts and Fiction-The Truth is in Plain Sight


by Gualberto Ranieri

February 8, 2012

May 24, 2011, Chrysler Group LLC (the new company created from an alliance with Fiat on June 10, 2009) did repay in full the loans it was given, six years early. In fact, the $6.6 billion payment provided an annual rate of return on the funds lent to Chrysler Group of almost 20% which is a pretty attractive return, by any standard.

“When Chrysler, the new company says, we paid back every penny we borrowed, that is 100 percent correct,” said Ron Bloom, formerly a special assistant to President Obama, in an interview with WJR, Detroit radio personality Paul W. Smith.

The $1.3 billion "loss" most comments are referring to belongs to Old Carco (i.e. the Chrysler before June 10, 2009.)

It's Old Carco that is responsible to pay, and not the "new" Chrysler Group LLC.

This is the truth in plain sight. All the rest is fiction with a flavor of intellectual dishonesty.
 
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