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April 21, 2009

Struggling Chrysler Turned Down Government Aid over Pay Caps
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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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