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Feb 6, 2011 1:40 PM by Chris Welty

Chrysler CEO Apologizes for Description of Bailout

SAN FRANCISCO (AP) - Chrysler's CEO is apologizing on his
company's website for the way he described the interest rates the
U.S. and Canadian governments are charging his company on the
bailouts it received in 2008 and 2009.
Sergio Marchionne said in a statement posted Saturday that he
regrets a term he used and considers it "inappropriate." Friday,
he called the interest a "thorn" in his side, saying refinancing
would mean no longer having to explain the "shyster rates."
Marchionne said Chrysler remains grateful, noting that no other
parties would help in Chrysler's recovery.
Chrysler hopes to reach a deal with banks by the end of March to
refinance the loans. It is paying 11 to 12 percent interest on $5.8
billion it owes the U.S. and $1.3 billion it owes Canada.

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