Daniel Gross with Yahoo! Finance offers a good explanation of why the controversy over Chrysler’s Super Bowl ad is bogus — especially complaints from Karl Rove and other Republican operatives.
Here’s an excerpt: “Let’s review the record. Chrysler was run into the ground by Cerberus, a private equity company controlled by Stephen Feinberg, a major contributor to Republican candidates. When push came to shove in late 2008, Feinberg, a billionaire, chose not to use his own resources or those of his fund to meet Chrysler’s vast financial obligations. So in early 2009, the Bush administration, for which Karl Rove worked, used funds from the TARP, a piece of legislation the Bush administration proposed and that was supported by Republican Congressional leaders, to help Chrysler. … “
The TARP propgram continued under President Obama and it worked. Chrysler survived. Thousands of jobs were saved. The taxpayer’s got their money’s worth.
“Chrysler is a functioning member of corporate society. It employs lots of people and is investing in factories. It purchases billions of dollars in supplies and services. Unlike many other companies, it pays income taxes — $148 million in the first nine months of 2011,” Gross writes.
Here’s his full story: The Strange Controversy Over Chrysler’s Ad
Photo: This advertisement provided by Chrysler Group LLC, shows actor Clint Eastwood, featured in an ad titled “It’s Halftime In America,” which aired during Super Bowl XVLI, Sunday, Feb. 5, 2012. AP Photo/Chrysler Group LLC)