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What you get if you're unsecured
Remember that $4 billion of OUR MONEY the Bush Administration lent to Chrysler last year to keep it out of bankruptcy? Well, here's what we can expect to get back in this restructuring.
The Free Press reports the government was unable to secure its loans to any assets. Our loan is not backed by any collateral, in other words, which means we will be paid back only as much as any other unsecured debtors.
Which means a donut. A bagel. Zero.
Now, who wants 50 percent of General Motors?
About the author
Paddy Hirsch is the Senior Producer, Personal Finance at Marketplace and the creator and host of the Marketplace Whiteboard. Follow Paddy on Twitter @paddyhirsch and on facebook at www.facebook.com/paddyhirsch101
Also, don't forget about the roughly 9 billion (not sure) that Fiat has to pay to get Chrysler out of bankruptcy. I am pretty sure that Fiat will never have to pay that money. If they walk away the government with give them anything for them to come back. However, I heard this on NPR and they have changed the story on the hour. Why isn't anyone talking about this? I can't find a story about it.
