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Automated System
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In the ongoing spat between Tesla and Chrysler Group as to who was the first American automaker to repay government loans, there is only one winner: Chrysler. If the most recent repayment won't satisfy Elon Musk, there is an earlier one that is not open to dispute. In a big New York City ceremony on August 12, 1983, when Elon Musk was 12, Lee Iacocca appeared with a super-sized check for $813,487,500. It represented the final payment on $1.2 billion in federally guaranteed loans. Chrysler repaid its government loans, in full and with all interest due, seven years early. At the time, Chrysler was, as it still is, an American car company.

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I hate to dispute the claim but August 12, 1983 was nowhere near nearly 40 years ago..... methinks it was just about 30 years ago B)
 

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Durango Dave!
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55Plaza said:
I hate to dispute the claim but August 12, 1983 was nowhere near nearly 40 years ago..... methinks it was just about 30 years ago B)
It's closer to 40 than it is 10... lol.
 

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The key phrase here is "government guaranteed loans"! The money came from the banks, not the Treasury. The government would have been responsible for repayment should Chrysler have failed to pay off the debt. The government made a profit on the deal with stock options that Lee tried to "wiggle" out of if memory serves me right.

FredB
 
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