Chrysler Can't Repay Full Bailout

Canadians will be left covering more than $1 billion that the automaker hasn't been able to recoup since the bailouts.

Remember that time the government gave Chrysler billions of dollars so it could stay in business? Well, it looks like the automaker won't be paying the government back the full amount, leaving taxpayers on the hook for about $1.2 billion. Finance Minister Jim Flaherty conceded as much yesterday, but said that saving 52,000 Chrysler jobs in Canada surely mitigates the impact of the bailout. In 2008-2009, the Ontario and federal governments provided about $2.9 billion to Chrysler, and it has been able to pay back about $1.7 billion (plus interest). Another $10.8 billion was paid to General Motors, which has so far paid back $1.5 billion of that total.