With Fiat to get 35% of Chrysler for no cash & option to get 55%, please Obama, don't give any of my TARP money to this Italian co. -- Part II

This thing, from the viewpoint of the American taxpayer, continues to defy credibility.

In a 1-20-09 post I wrote:

Bob Nardelli was bad at Home Depot. He has lost it completely at Chrysler in the structure of this deal and thinking it is going to fly in Washington.

This things keeps getting worse as the details emerge.

From The Wall Street Journal:

Chrysler LLC has found an international partner in Fiat SpA but the auto maker isn't out of the woods, mainly because the deal is contingent on Chrysler getting $3 billion in additional government loans . . . .

Chrysler could face tough questions about why taxpayers should put more money into the company when neither its majority owner, Cerberus, nor its new partner, Fiat, are doing the same.

Giving more loans to Chrysler is "somewhat troubling for all of us as U.S. taxpayers, but for Chrysler itself, it may be the best outcome," Sen Bob Corker (R., Tenn.) said Tuesday in a phone interview. He said he is concerned that by investing more money in Chrysler, the government is enabling Cerberus, which is privately held, to be in a better position to offload its stake in the troubled auto maker.

It's an interesting set of questions for American taxpayers, who in essence could have $8.5 billion into Chrysler and the finance company when it is all said and done," Sen. Corker said.