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Chrysler Could Cost Taxpayers $1.6 Billion

The US Treasury Department said tha it will lose $1.6 billion as a result of loans made to Chrysler in 2009. At the time the world was hit with a credit crunch and automakers were in severe need of funding. The government said that Chrysler so far has paid back $1.9 billion of a $4 billion loan. The government is hopeful that Chrysler may repay an additional $500 million.

Congress says that the costs to taxpayers of bailing out General Motors and Chrysler may reach as high as $34 billion.

The government now owns about 61 percent of GM and 10 percent of Chrysler. Chrysler is not a publicly traded company, it's a private company. The company has no plans to issue shares on the stock market until 2011. GM spokespersons have said that GM may do an offering of stock to the public later this year and use the proceeds to pay off some of their government debt.

GM posted a positive net income for the quarter of $865 million. GM had its debt cut after going through bankruptcy proceedings. The company now has less debt and is able to generate a profit. Strong sales of its new models helped GM to become profitable.

Chrysler Could Cost Taxpayers $1.6 Billion

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