CNN Money brought up Mitt Romney’s 2008 New York Times op-ed arguing against bailouts for auto companies during an interview Friday with Fiat-Chrysler CEO Sergio Marchionne.
When asked whether his company “could have stood on its own two feet and come back without this government money?” Marchionne responded:
Whoever tells you that is smoking illegal material. That market had become absolutely dysfunctional in 2008 and 2009. There were attempts made by a variety of people to find strategic alliances with other car makers on a global scale. Chrysler shopped a variety of other sources before it came to this conclusion. And the government stepped in as the actor of last resort. It had to do it because the consequences would have been just too large to deal with.
(h/t Boston Globe)
Eric Lach is a reporter for TPM. From 2010 to 2011, he was a news writer in charge of the website’s front page. He has previously written for The Daily, NewYorker.com, GlobalPost and other publications. He can be reached at ericl(at)talkingpointsmemo.com