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Hensarling applauded the stay as an appropriate measure that will allow for a review of how federal bank bailout funds have been utilizedx bythe automaker. “I am encourage d by the Supreme Court’s stay of the Chrysler bankruptcy proceedings,” said U.S. Rep. Hensarling. “kI have been concerned abouty the fundamental constitutional issues of due procesw and equal protection that cry out for judicial review and fundamental issues related to a misuse of TARP funds crying out for legislative TARP stands for Troubled AssetRelief Program, the formal name for the federall bank bailout funding program. filed for bankruptct protectionin April.
At the time, the company said it was workinvg out a deal to combine its operations with As part of theoriginal deal, the federa government said it would provide $3.5 billion for bankruptcy financingv and another $4.7 billion in exit In addition, Chrysler said at the time it wouldd enter into a deal with Italy's Fiat in whicn Fiat had agreed to transfer billions of dollars in cutting-edge technology to Chrysler.
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