US Auto Bailout Forced US Taxpayers To Prop Up Failing Italian Company

Do we really need any more examples of why the government should never be allowed to meddle in companies that just need to go bankrupt? Oh, why not one more. From the Open Market blog: In the 2009 deal overseen by the Obama administration’s auto task force, Fiat paid no money to acquire its initial 20 percent stake in Chrysler — only contributing some of its intellectual property, instead. Fiat would later pay $2.2 billion to raise its stake in the company to 58.5 percent. Continuing the Read more […]