Please President Obama, don't give any of my TARP money to the Italian company Fiat -- Part III
From The Wall Street Journal:
In Washington, concern over the alliance appears to be mounting because the U.S. government has loaned Chrysler $4 billion while Fiat would get its initial ownership stake without putting up any cash. Under the pact, Fiat has the option of raising its stake to 55% for as little as $25 million.
On Thursday, Sen. Robert Menendez (D-N.J.) urged President Barack Obama to require Chrysler to repay the loans immediately if Fiat takes a controlling stake in the Auburn Hills, Mich., company.
"As a potential partnership between Chrysler and Fiat moves forward, I am asking you to address the potentiality of foreign control and require the immediate payback of the loans already dispersed should such a scenario present itself," Sen. Menendez said in a letter to the president. "I am sure you would agree that the responsible action is to ensure that American taxpayers are not financing foreign auto makers."
In Washington, concern over the alliance appears to be mounting because the U.S. government has loaned Chrysler $4 billion while Fiat would get its initial ownership stake without putting up any cash. Under the pact, Fiat has the option of raising its stake to 55% for as little as $25 million.
On Thursday, Sen. Robert Menendez (D-N.J.) urged President Barack Obama to require Chrysler to repay the loans immediately if Fiat takes a controlling stake in the Auburn Hills, Mich., company.
"As a potential partnership between Chrysler and Fiat moves forward, I am asking you to address the potentiality of foreign control and require the immediate payback of the loans already dispersed should such a scenario present itself," Sen. Menendez said in a letter to the president. "I am sure you would agree that the responsible action is to ensure that American taxpayers are not financing foreign auto makers."
posted by Sid Cottingham | 2:01 PM
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