Geithner: Obama administration saved GM, Chrysler to save jobs

U.S. Treasury Secretary Tim Geithner with Chrysler CEO Sergio Marchionne
U.S. Treasury Secretary Tim Geithner with Chrysler CEO Sergio Marchionne

Earlier this morning, Chrysler Group LLC announced that it will repay U.S. government loans by the end of the second quarter. The announcement came right before U.S. Treasury Secretary Timothy Geithner visit to Detroit where he toured Chrysler’s Jefferson North Assembly Plant with CEO Sergio Marchionne.

Talking to the Detroit Economic Club, Geithner said that the Obama administration will exit from its 2009 investments to rescue General Motors and Chrysler even if it doesn’t recoup every taxpayer dollar.

“We didn’t do this to maximize our return. We did this to save jobs,” said Geithner. He said that the U.S. auto industry has added nearly 90,000 jobs since GM and Chrysler’s government-back bankruptcies.

“Millions of Americans are still looking for work and at risk of losing their homes,” Geithner said. “Higher gas prices are putting more pressure on the average working family. And the damage is much more severe than the national averages capture in so many communities across the country.”

– By: Omar Rana

Source: Free Press