Caveat Emptor

Judge approves Chrysler sale - Chrysler's transformation from bankruptcy to a new company owned by Fiat, U.S. and Canadian taxpayers and UAW retirees, whose health care benefits could shrink in coming years, has been approved by U.S. Bankruptcy Judge Arthur Gonzalez. A $2-billion cash payment to about 45 banks and investments funds who will forgive $6.9 billion in loans, and at least $8.9 billion in aid to Chrysler has come from U.S. taxpayers. At least $4 billion of that money will not be repaid. (Detroit Free Press - June 1, 2009)