And for what? Yes, they kept a U.S. company in business. But now it's an Italian company. This prompted John Berlau, a senior fellow at the Competitive Enterprise Institute and a former IBD staffer, to ask wryly:
"Wasn't the bailout supposed to be about saving the American auto industry?" Berlau points out that instead of Fiat saving Chrysler, Chrysler, with help from taxpayers, is bailing out Fiat.
"Much of Chrysler's profits from its overhauled line are going to prop up Fiat's failing, money-losing Italian business, rather than to expanding production and jobs in the U.S.," he wrote Tuesday at OpenMarket.com, CEI's blog.