Chrysler chief apologizes for using term "shyster"

SAN FRANCISCO (Reuters) – Chrysler Group LLC's chief executive apologized on Saturday for describing the high-interest bailout loans extended by the U.S. and Canadian governments in 2009 as "shyster loans."

"Yesterday, in responding to a question about Chrysler's government loans, I used a term in reference to the interest rate being charged on our government loans that has raised concern," CEO Sergio Marchionne said in a statement. "I regret the remark which I consider inappropriate."

Shyster is a derogatory term used to describe an unprincipled lawyer or politician. He used the term at least three times in his remarks during an industry conference on Friday.

In 2010, Chrysler paid $1.23 billion, or about $3.4 million a day, in interest payments on its debt. It is seeking to refinance those loans before a planned initial public offering in the second half of 2011.

In his statement, Marchionne said the company was grateful for the financial assistance from the U.S. and Canadian governments at a time when the company had no other options. The loans were part of a bailout to keep the automaker from collapse.

Read more: http://news.yahoo.com/s/nm/20110205/us_nm/us_chrysler_apology

Nice.

:-)

herself for a bit trying to pronounce that, and hears an ancient echo from a Grandfather who spoke German fluently as a young man. Old lady smiles.

Thanks.

Considering that the banks got tons of money for free, and still are getting tons more, there was nothing incorrect nor inappropriate about the terminology. The auto industry, which actually produces jobs and products, was treated like the drunk in the alley, while the real addicts are whooping it up with bonuses in the billions, every single year.

And the US gov't has stil not been made whole on either the GM or Chrysler bailouts.

Just like all the other banks. Not the auto industry.

Film at 11

on top instead of butter, suspects syrup was not real maple syrup.

Sometimes I think we all live in The Onion now.

The interest rate may have been higher than what he liked under optimal conditions but IT WASN'T OPTIMAL conditions.

Bankrutpcy tends to result in higher interest rates.