US government ends Chrysler investment

[sinkingfeeling]

http://www.msnbc.msn.com/id/43843822/ns/business-autos/

WASHINGTON — The Treasury Department said Thursday it has exited its investment in Chrysler LLC after Italian automaker Fiat SpA purchased the U.S. government's remaining holdings in the auto company.

Fiat paid $560 million to the Treasury Department for the government's 98,000 shares. Fiat has run the company since it emerged from bankruptcy protection in June 2009.

Since then, $11.2 billion of the assistance has been repaid, Treasury says. Chrysler repaid $5.1 billion in loans from the government in May. Treasury said it likely won't recover the remaining $1.3 billion.

Also Thursday, the Canadian federal and Ontario governments announced that they have sold their remaining stakes in Chrysler to Fiat for $140 million. The money is the final repayment of Canadian government loans that were given to the U.S. automaker two years ago.

[SlimJimmy]

1. Hey, what's a billion or so between friends, right?

Chrysler repaid $5.1 billion in loans from the government in May. Treasury said it likely won't recover the remaining $1.3 billion.