Chrysler loan held up by bureaucracy

Posted Jan 2nd 2009 9:09AM by Zac Bissonnette
Filed under: Bad News

Anyone who has ever had their lives frustrated by bureaucratic nonsense from the federal government --- and that probably includes everyone -- should get a kick out of this one: Chrysler's loan application is still being processed.

The Wall Street Journal reports (subscription required) that "Application requirements for Chrysler's $4 billion in low-cost loans may push the payment into January, according to a person familiar with the process. The person didn't know specifically what requirements were causing the slowdown."

Here's what's so great about this: Mismanagement and bureaucratic incompetence led the company into a position where it needs a $4 billion handout from the federal government. Now bureaucracy at the federal government is making it harder to get the money into the company's coffers on times.

Ah yes: Chrysler and Uncle Sam teaming up to save the auto industry. This should work splendidly.

Tags: Auto Industry, AutoIndustry, automakers, Bailout, big 3, Big3, Chysler, inthenews

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Reader Comments (Page 1 of 1)

1-02-2009 @ 10:07AM

Mike O said...

"The nine most terrifying words in the English language are: 'I'm from the government and I'm here to help.'" - Ronald Reagan

1-02-2009 @ 5:40PM

frank said...

This companies Dealers are the pits, marginal
products and dealers seem to suggest that Chrysler may just turn out the lights. Seems]
like captialism has turned into Marxism and
central economic planning.............of course
the message is that Politicians make the decisions
about factors of production and access to $$$
to produce cars. UAW, Democrats and lawyers
will determine the allocation, but taxpayers will
tire of continued pleas for $$$ from cars, houses,
contractors and developers...........USA has lost
alot of capital dollars, price will be inflation if this
all works in the short term.