General discussion

Chrysler pays back bailout money...or did it?

http://www.msnbc.msn.com/id/43155011/ns/business-autos/?GT1=43001

but from the link.

"To pay off the governments, Chrysler raised $3.2 billion through a bond
sale and took out $3 billion in lower-interest bank loans. It also will
use a $1.3 billion investment from Fiat."


Isn't this a bit like paying off a credit card with another credit card? Doesn't sound to me like a healthy business practice. Wasn't it Tennessee Ernie Ford who sang a song called "Sixteen Tons" wherein he suggested he couldn't be called to heaven yet because he owed too much money? Wink
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wouldn't that be something?

Die debt free or miss out on heaven. Considering some of the teachings in Bible about debt, that might not be too far from the truth.

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"St. Peter doncha call me, 'cause I cain't go.

I owe my soul to the Company Store."
I'm suspicious about Chrysler in particular being able to pay even the ice man, but maybe the Fiat resources have something to do with it.

My brother-in-law has sold new and used cars for years, and told me about trade-ins. Even a junk one can be handled in such a way on paper so as to make it a substantial part of the deal ... They call it "funny money".

Maybe the gov't got a good deal; maybe it got a '58 Multipla in trade. Devil

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