Chrysler Financial: Thanks But No Thanks on Loan

[Thrill]

Top officials at Chrysler Financial turned away a $750 million government loan because executives didn't want to abide by new federal limits on pay, sources familiar with the matter say.

The government had been offering the loan earlier this month as part of its efforts to prop up the ailing auto industry, including Chrysler, which is racing to avoid bankruptcy. Chrysler Financial is a vital lender to Chrysler dealerships and customers.

In forgoing the loan, Chrysler Financial opted to use more expensive financing from private banks, adding to the burdens of the already fragile automaker and its financing company.

http://www.washingtonpost.com/wp-dyn/content/article/2009/04/20/AR2009042002156.html?hpid=topnews

Greedy bastards would rather continue to rob their company

[Raineyb]

1. I guess they're not that hard up after all.

What a bunch of assholes. The company is in trouble and no doubt the people working the line will be asked to give back some of their benefits but God forbid the executives should have to cut their pay when the company is in trouble.

Regards

[SoCalDem]

3. They'll be just fine

when they have $10 hr workers with no benefits, and when they have dumped their pensioners into PBGC.. That's the ultimate goal of ALL the US auto companies..

[walldude]

2. Yeah they want to be able to go bankrupt and fuck over all the pension holders

so they can continue to line their pockets with money earned but the workers.