The United States Treasury Department said Monday it has received a $1.9 billion repayment from Chrysler Holding, which emerged from bankruptcy last year. It said that the $1.9 billion payment was all it expected to recover and will lose $2.1 billion on a loan made to the Auburn Hills in early 2009.
Congressional auditors say that taxpayers are expected to lose as much as $34 billion from bailing out Chrysler and General Motors. Much of it will depend on how much the U.S. government recovers from its eventual sale of its 61 percent stake in GM and 10 percent stake in Chrysler.
The original loan to Chrysler was made on Jan. 2, 2009 by the Bush administration.
– By: Omar Rana