Italian Fiat Finishes Buying Out Taxpayer-Funded Chrysler

Remember how Obama summed up his first-term successes with the pithy “Bin Laden’s dead and GM is alive”? Well, I think reports of GM’s life have been greatly exaggerated. ((And for that matter, where’s Osama’s body?)) Fiat just finished buying out Chrysler, propped up by billions of your tax dollars.

One of the big three, Chrysler was apparently saved by a merger with Fiat, itself a failing car company. It turns out Fiat’s credit rating was already “junk” even before the Obama administration arranged to merge it with Chrysler. Since then, the Chrysler side of the Fiat conglomerate has been much more profitable than the Italian side. And they’ve made money by selling Dodge Durangoes and Jeep Grand Cherokees—not the fuel-efficient cutesters the Obama administration had intended. But even that money has not gone to expand Chrysler’s American operations. It has gone toward keeping Fiat afloat and expanding their production into—you guessed it—China.

And now (Happy New Year!), Fiat has finished buying out its cash cow. I’m sure the American taxpayer will be getting a big thank you note in the mail here soon. So, let’s just recap what has gone down:

  1. Obama “saved” Chrysler by selling out a portion of the company to Fiat, and not for cash, by the way. For intellectual capital. Which would have been shared anyway, if the companies merged. Stupid.
  2. Taxpayers spent billions of dollars to bail Chrysler out.
  3. Fiat, whose own financial situation was dire, responded to billions of dollars of taxpayer injections by expanding Chrysler’s production into China and paying itself to be alive.
  4. Chrysler ended up being more profitable than Fiat after the merger—by selling their most feul-inefficient vehicles and returning to their traditional American roots—a no-brainer move that did not require either foreign management or intellectual capital.
  5. Obama takes credit for saving GM. Even while it was pretty much dead to America.
  6. Fiat finally finishes buying out Chrysler (with money Chrysler itself had largely made, having been kept afloat by U.S. taxpayers).
  7. Chrysler is now an Italian company operating within the States. Taxpayers basically bought Chrysler for Fiat, and have gotten nothing in return.

Congratulations, America! You’ve been sold out again. I wonder how long it’ll take for you guys to tire of this.

14 responses

  1. Another wonderful Obama economic DISASTER! And bailed out not Chrysler, but FIAT (Fix It Again Tony)….. We can’t afford anymore Obama economic wonders!

  2. I started buying Mopar cars in the 70’s, and have supported them through the years, but after this mess, I will buy a Hyundai before I buy another Chrysler Vehicle, and hope other Americans buy Ford or the same. We no longer are supporting American Technology or American ingenuity when we buy from Obama’s Sell-outs like this. The Unions and France are the only winners here, and I’m a believer that neither is our Friend anymore.

  3. Mr. Minkoff, Fiat has had control of Chrysler for years! What’s happened is the Union owned 41% of the company & Fiat has agreed to buy that 41% from the union for $3.65 Billion.

  4. My America needs more jobs and less train wreck. Even Taylor Swift , who is literally the death of country music , has mire of a brain than Obama. Obama has nothing good . Taylor Swift made one good song and that song was Called Mine. One of my best friend’s her mom can barely pay the bills ever since the stupid factory my friends mom worked at closed. My friend and her family are barely making ends. And Obama in the white house is encouraging companies to get the hell out of the good ole USA. Obama is a tratior. If he was not. Presedent and lived in my little town that has a HONEST police force that is small obama would have long been treated the good ole way the two blavk thugs outside of the renovated apperments were

  5. This is an example of the business acumen of communists. so if an American takes the tires off of a dodge truck, no foul. It was his to begin with… right?

  6. Great job, Obama, of showing how little you know about economics – for failing to rescue a failing American company that didn’t deserve to be rescued and then that same company is bought out by a foreign company before the taxpayers are paid back – way to go, Obama!!! I’m so glad that you aren’t in charge of my IRAs, oh, and keep your hands off of my IRAs!!!!

Leave a Reply