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Chrysler: From bankruptcy to profit in 2 years

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No Elephants Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Feb-01-12 08:28 AM
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Chrysler: From bankruptcy to profit in 2 years
Source: CNN

Chrysler: From bankruptcy to profit in 2 years

NEW YORK (CNNMoney) -- <snip>

The automaker, which includes the Chrysler, Dodge and Jeep brands, earned $183 million in 2011, compared with a loss of $652 million in the prior year.

And the company said that even better times are ahead, as it forecast it will make about $1.5 billion this year, with an 18% jump in revenue.

Chrysler took a charge of $551 million during the year related to refinancing in order to pay off the higher-interest loans it received from the U.S. and Canadian governments during the 2009 bailout. Despite the loan repayment, taxpayers lost about $1.3 billion of the $12.5 billion in bailout funds Chrysler received in 2009.

Chrysler posted a 24% jump in U.S. auto sales in the year, leading the way to a 22% increase in sales worldwide to 1.86 million vehicles. Revenue jumped 31% in the year to just under $55 billion.

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What a coincidence between the amounts taxpayers lost (greatly understated, as always, I'm betting) and the amount forecast for this year, eh?

We've been bailing out Chrysler since Lee Iococca was in charge, if not before.

Government aid is wonderful when it's given to corporations, isn't it? ("Corporations are people, my friend.")

When government aid is given to actual people, it bites, though.

And now Fiat owns it.

Ain't free market capitalism American style grand?

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