Home Page About Us Contribute
LuckyBug LifeStyle
















US Government Closer to Exiting Auto Industry

American Government Special Collections Reference Desk

American Government Topics:  General Motors, Chrysler LLC

US Government Closer to Exiting Auto Industry

VOA Breaking News
July 21, 2011 at 3:45 pm


The U.S. government is another step closer to getting out of the automobile industry, selling its remaining stake in Chrysler to the Italian automaker Fiat.

The Treasury Department says Fiat paid $560 million Thursday for the government's remaining 6 percent stake in Chrysler.

The U.S. lent Chrysler $12.5 billion as part of its $80 billion bailout of the American auto industry. Fiat assumed management of Chrysler after it emerged from bankruptcy protection and now holds a 52 percent majority interest in the company.

The Treasury Department says it has been reimbursed more than $11.2 billion, including a $5.1 billion payment in May. The department has acknowledged it is unlikely the loan will be repaid in full.

Officials say that since the two companies emerged from bankruptcy in June 2009, the auto industry has added more than 115,000 jobs.

Washington still owns about a 26 percent stake in the largest U.S. automaker, General Motors.



Connect with The Crittenden Automotive Library

The Crittenden Automotive Library at Google+ The Crittenden Automotive Library on Facebook The Crittenden Automotive Library on Instagram The Crittenden Automotive Library at The Internet Archive The Crittenden Automotive Library on Pinterest The Crittenden Automotive Library on Twitter The Crittenden Automotive Library on Tumblr  
 
 


The Crittenden Automotive Library

Home Page    About Us    Contribute




By accessing the The Crittenden Automotive Library/CarsAndRacingStuff.com, you signify your agreement with the terms and conditions on our Legal Information:  Disclaimers & Privacy Policy page.

To notify The Crittenden Automotive Library of errors, suggest topics, contribute information, make a comment on a page or to ask a question e-mail us.