“I am paying shyster rates,” Marchionne said, noting that Chrysler had no choice in 2009 but to pay the high interest rates the government set as part of its $15 billion Chrysler bailout. “We had no choice… I am going to pay the shyster loans.”
He called the loans “a thorn in my side.”
Chrysler’s also in talks with banks to refinance its debt and plans to have an “agreement in principle” by end of March, he said.
Marchionne spoke at an auto industry conference sponsored by JD Power at a hotel here ahead of the National Automobile Dealers Association three-day convention. He said he is hopeful that the company can win an agreement in principle for $3 billion in low-cost Energy Department retooling loan — a move that is necessary for Chrysler to win private financing, Marchionne said.
Emphasis mine. How about we just let Chrysler go bankrupt to some more competent company can buy up their assets and product cars that people of the world actually want to buy?