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SOLD

U.S. Unloads Chrysler Stake

Taxpayers lose $1.3 billion in deal.

The Treasury Department has reached an agreement to sell its remaining 6 percent interest in Chrysler to Italian automaker Fiat. The cost of the deal is $560 million, with Fiat paying $500 million for Treasury’s 98,461 shares of Chrysler. Treasury Secretary Tim Geithner said in a statement, “As Treasury exits its investment in Chrysler, it’s clear that President Obama’s decision to stand behind and restructure this company was the right one.” Still, the end of the government’s ties to Chrysler leaves taxpayers short $1.3 billion.

Read it at Freep

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