Canada Quietly Wrote Off a $1 Billion Loan to Chrysler
Source: The CBC, via Jalopnik
Canada Quietly Wrote Off a $1 Billion Loan to Chrysler
Erik Shilling
23 minutes ago
Back in 2009, when the automotive industry was in crisis, the Canadian government gave $1.1 billion to Chrysler to help the company stay afloat, an outstanding amount which, with interest, has nearly doubled. Except that now, according to the CBC, it's been quietly written off. Fiat Chrysler made $4.3 billion in profits last year.
The story is a built convoluted, but it doesn't speak well for government transparency in Canada.
From the CBC: (1)
The write-off, among the largest ever for a taxpayer-funded bailout, is buried in a volume of the 2018 Public Accounts of Canada, tabled in Parliament on Friday.
The reference contains no explanation for the write-off, identifying neither the business that received the loan nor the sector of the economy.
But CBC News has confirmed the money was lent on March 30, 2009, to Chrysler LLC by the federal government - a non-performing loan that grew with interest over the following nine years. The loan was made by the Harper government, in co-operation with the Ontario government.
(1) https://www.cbc.ca/news/politics/chrysler-auto-loan-canada-account-write-off-edc-bailout-taxpayer-wudrick-milke-1.4871648
Read more: https://jalopnik.com/canada-quietly-wrote-off-a-1-billion-loan-to-chrysler-1829908514
Canada's a nation. This is news of interest to citizens in the nation of Canada.
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The original:
Liberal government writes off $1.1B US loan to Chrysler, plus interest, docs show
Massive write-off referred to in documents tabled in Parliament without any details of explanation
Dean Beeby · CBC News · Posted: Oct 22, 2018 4:00 AM ET | Last Updated: 8 hours ago
https://www.cbc.ca/news/politics/chrysler-auto-loan-canada-account-write-off-edc-bailout-taxpayer-wudrick-milke-1.4871648
= new reply since forum marked as read
that the Canadian government will get free Fiat 500's forever!!! 
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