Oversight Chairman Issa Statement on News of $1.3 billion U.S. Government Loss in Resolving Chrysler Bailout

July 21, 2011

(WASHINGTON)—House Oversight and Government Reform Committee Chairman Darrell Issa (R-CA) today released the following statement on news that the Obama Administration had closed the outstanding bailout loan to Chrysler at a $1.3 billion loss to taxpayers:

“I am deeply disturbed to learn that the Obama Administration left $1.3 billion taxpayer dollars on the table in resolving its bailout of Chrysler. The Administration has sold out an American icon to a foreign company using TARP funds underwritten by taxpayers. Now they are essentially giving that same company $1.3 billion of taxpayer money.

“This deal gives Fiat another channel for Italian-made cars to be sold and will let them receive a reliable revenue stream from American consumers for years to come, all with little or no money invested in the deal in the first place.

“At a time when American taxpayers must make tough choices to repay their mortgages—even on houses worth less than they paid—it is unfathomable that Italian automaker Fiat and its subsidiary Chrysler got away with repaying less than the full amount borrowed from the U.S. government.”

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