ANOTHER BAD TREASURY DEAL

How come the American tax payer didn't get at least as good a deal as the big banks (or Warren Buffett)?

Rescued Banks Balk at Chrysler Deal
Creditors Pushed To Surrender Claims Of Billions
By Peter Whoriskey
Washington Post Staff Writer
Friday, April 17, 2009

About three-quarters of the $7 billion in Chrysler's senior secured debt -- or debt that takes precedence and is backed by assets -- is owed to the four major banks, the rest to an array of other financial institutions such as hedge funds. By contrast, Treasury officials expect that the government, which loaned Chrysler $4 billion earlier this year from the bailout program, would receive nothing back.