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Author Topic: US Taxpayers Forced To Prop Up Italian Company Back to Topics
THZebra
Champion Author
Indiana

Posts:3,007
Points:904,685
Joined:Nov 2008
Message Posted: Jan 2, 2014 2:37:45 PM

Do we really need any more examples of why the government should never be allowed to meddle in companies that just need to go bankrupt.

In “saving” the American auto industry, Obama gave an American company away. And he gave it away at the expense of pension funds and other secured creditors, which were given a much smaller stake in the new company than they would have been given under traditional bankruptcy proceedings. American manufacturing workers also lost out on the deal; many are now hostages to the woes of Fiat and the Italian economy.

According to Barron’s, “Chrysler’s resurgence has been so strong that it now provides a lifeline for Turin’s Fiat, which faces serious challenges in Western Europe.”
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REPLIES (newest first) Post a Reply
c0wb0y
Champion Author Denver

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Message Posted: Jan 3, 2014 10:22:39 AM

Not a news source
schvanda63
Champion Author Lansing

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Joined:Mar 2008
Message Posted: Jan 3, 2014 9:29:01 AM

Why not? "Our" government throws money around everywhere else in the form of "Foreign Aid" all the time.
werich44
Champion Author California

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Message Posted: Jan 3, 2014 7:53:07 AM

Just obama and has band of thieves doing what they do best.
dr047
Champion Author Cleveland

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Message Posted: Jan 3, 2014 7:34:02 AM


You can't make this stuff up.
jrs4125
Champion Author Indiana

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Message Posted: Jan 3, 2014 7:29:05 AM

One world government?
Night Owl
Champion Author Toronto

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Message Posted: Jan 2, 2014 11:49:08 PM

endymion has a good question.
mastermariner
Champion Author Texas

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Message Posted: Jan 2, 2014 11:14:50 PM

You thought the unions were bad here
endymion
Champion Author New York

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Message Posted: Jan 2, 2014 11:03:07 PM

Why didn't some of the $1,000-an-hour lawyers put a provision into the documents to protect the taxpayers?
humblepie
Champion Author Toledo

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Message Posted: Jan 2, 2014 5:52:46 PM

5 years down and 3 more to go, sadly
Vetteblu
Champion Author Denver

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Message Posted: Jan 2, 2014 5:46:33 PM

Don't worry!! Barack will save everyone-LOL!!
madison8359
Champion Author Cleveland

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Message Posted: Jan 2, 2014 5:39:50 PM

When taxpayers invest we can usually expect to lose our money.
doggod
Champion Author Anchorage

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Message Posted: Jan 2, 2014 5:17:29 PM

Can you tell us something we didn't already know?

Pielededrac
Champion Author Florida

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Message Posted: Jan 2, 2014 5:11:22 PM

Another example why government should stay out of private business once and for all....
txrojo2005
Champion Author Austin

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Message Posted: Jan 2, 2014 4:46:56 PM

If the government would just focus common defense, courts and sound money, dropping everything else, then the government has more money than they need.
amoshins
Champion Author Trenton

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Message Posted: Jan 2, 2014 4:44:10 PM

We should have seen this coming - before allowing Fiat to buy Chrysler. Now that it happened, I don't think the US Government has a choice.
kag2010
Champion Author Winnipeg

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Message Posted: Jan 2, 2014 4:36:21 PM

This IS good news.
0003
Champion Author Maryland

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Message Posted: Jan 2, 2014 4:28:17 PM

let's go for broke!
Joeatcret
All-Star Author South Carolina

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Message Posted: Jan 2, 2014 3:32:25 PM

ok

[Edited by: Joeatcret at 1/2/2014 3:31:43 PM EST]
Joeatcret
All-Star Author South Carolina

Posts:729
Points:86,025
Joined:Dec 2011
Message Posted: Jan 2, 2014 3:30:30 PM

never mind

[Edited by: Joeatcret at 1/2/2014 3:31:59 PM EST]
nybearhunter
Champion Author New York

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Message Posted: Jan 2, 2014 3:24:30 PM

and the beat goes on.
THZebra
Champion Author Indiana

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Joined:Nov 2008
Message Posted: Jan 2, 2014 2:52:01 PM

This IS good news. And it only cost us (the American taxpayer) 12 Billion Dollars to help Chrysler get taken over by a foreign company. And now they use the appeal of Chrysler to keep Fiat alive and well. What a deal. Had they (and GM) went fully bankrupt they would have been able to restructure their debt and re-negotiate the union contracts. They would have still been alive.

As it turned out GM went bankrupt anyway. That's why "General Motors Corporation" had to change their name to "General Motors Company". Restructuring requires a name change because General Motors Corporation no longer exists under bankruptcy laws.
mitt4prez
Champion Author Tacoma

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Message Posted: Jan 2, 2014 2:51:32 PM

What does The Won(II) care? Not his money.
melekali
Champion Author New Mexico

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Points:1,398,520
Joined:Dec 2006
Message Posted: Jan 2, 2014 2:38:59 PM

The bumbling continues...
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