But Obama Promised We Would Make A Profit

Remember when the Obama administration said that by bailing out GM and Chrysler, not only will we get our money back, we also will make some money off the deal.
Well, as usual, the Obama administration lied.
From Fox News: The U.S government has sold its shares in Chrysler LLC at a likely loss of $1.3 billion in taxpayer money, the Treasury Department said Thursday, announcing the end of a controversial investment that resurrected the troubled auto company.
Italian automaker Fiat SpA, which has run the company since it emerged from bankruptcy protection in June 2009, purchased the U.S. government's remaining 98,000 shares in the auto company for $560 million.
The financial loss irritated Republican lawmakers.
"I am deeply disturbed to learn that the Obama administration left $1.3 billion taxpayer dollars on the table in resolving its bailout of Chrysler," said Rep. Darrell Issa, R-Calif., chairman of the House Oversight and Government Reform Committee.
"The administration has sold out an American icon to a foreign company using TARP funds underwritten by taxpayers. Now they are essentially give that same company $1.3 billion of taxpayer money," he said.
"At a time when American taxpayers must make tough choices to repay their mortgages -- even on houses worth less than they paid -- it is unfathomable that Italian automaker Fiat and its subsidiary Chrysler got away with repaying less than the full amount borrowed from the U.S. government," he added.
Read more: http://www.foxnews.com/politics/2011/07/21/us-government-ends-chrysler-investment/#ixzz1SoYZAdLr

$1,300,000,000 right down the drain. Way to go, Obama for looking out for the United States taxpayers.
Worst President ever.