For corporations, but not for you.
As part of the company’s bankruptcy filing, Chrysler LLC will not repay US taxpayers more than $7 billion it received as part of the company’s bailout earlier this year. Instead, the US will get an 8% ownership in a firm whose value continues to deteriorate by the day.[...]
The Obama Administration’s Treasury Department has agreed to give up the $4 billion “bridge loan” extended by the Bush adminstration, a $300 million fee on the loan, and another $3.2 billion the Obama administration agreed to shell out — last week.
“An Obama administration official confirmed Tuesday that Chrysler won’t be repaying the loans,” CNN writes.
In a response to detailed questions from Rep. Elijah Cummings (D-Md.), the company has offered a third assessment of exactly how much it paid out in bonuses last year.And the new number, offered in a document submitted to Cummings on May 1, is the highest figure the company has disclosed to date.
AIG now says it paid out more than $454 million in bonuses to its employees for work performed in 2008.
The U.S. Federal Reserve rejected a request to force credit card companies to immediately halt retroactive interest-rate increases on existing balances, Democratic Senator Charles Schumer said Tuesday.
Earlier this week, Senate Democrats quashed an attempt to amend a bankruptcy bill that would have given judges the power to reduce the principal on mortgages of distressed homeowners, swallowing an explanation from the banking industry that reducing the value of mortgages would make it harder for other Americans to get a loan.
....but hey, do what you want....you will anyway.
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