Marketplace Scratch Pad

What you get if you’re unsecured

Paddy Hirsch Apr 30, 2009

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?

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