Chrysler earns $436 million in second quarter

ADVERTISEMENT
“Together, we are always striving to achieve more, to learn from the past and build upon our successes," he continued. 

Chrysler's financial periods in the second quarter of 2011 showed the company had lost $370 million because it included a $551 million charge for repaying some of its loans to the government.

Critics have noted that despite the repayment, the federal government did not recover about $1.9 billion of its $5.1 billion investment in Chrysler because the money went to parts of the company that were not ultimately taken over by Fiat. The company borrowed $5.1 billion from the U.S. government and $1.6 billion from Canada after it was sold to the Italian automaker in a deal negotiated by the Obama administration.

Obama has frequently touted the $80 billion that was loaned to Chrysler and General Motors during his campaign for reelection. The bailouts began under former President George W. Bush, but they have become closely associated with Obama.

The president and his Democratic surrogates have repeatedly criticized presumptive Republican nominee Mitt Romney for writing a 2008 op-ed in The New York Times titled "Let Detroit Go Bankrupt." Romney has argued that he was suggesting the companies be placed in a "managed bankruptcy" similar to the conditions that were placed on the loans by Obama.