Posted Without Comment: Chrysler Refuses To Give Congress Its Financials

December 9, 2008 by Douglas A. McIntyre

Batmobile512_2Chrysler would like several billion dollars as a part of the initial car company bailout and says that it is close to bankruptcy. In an essay in Bloomberg, Jonathan Weil points out that the firm refuses to give Congress its financial statements because the company is "private".

The plan the troubled car company gave the Senate banking committee was 14 pages.

"A Chrysler spokeswoman, Shawn Morgan, confirmed that the secret package didn’t include the company’s financial statements, audited or otherwise. She said the reason Chrysler doesn’t divulge such information, or the names of its board members, is “because we’re a private company.” A spokesman for Cerberus, Peter Duda, gave me a similar answer. When taxpayers rescue an outfit like Citigroup Inc., at least we know whom to blame."

Douglas A. McIntyre