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Struggling Chrysler Turned Down Government Aid over Pay Caps

HeadlineApr 21, 2009

Meanwhile, Barofsky has also revealed the financial services wing of the auto giant Chrysler turned down government aid over new federal limits on executive pay. In his new report on the bailout, Barofsky says Chrysler Financial turned down $750 million earlier this year. Chrysler Financial’s parent company, Chrysler, has received $4.5 billion in government loans. Chrysler Financial collected $1.5 billion in federal loans when less stringent pay limits were in place.

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