Chrysler Turns Down $750 Million

Can't say I blame them:

WASHINGTON — Chrysler LLC's financial arm turned down additional government aid after some top executives refused to accept new limits on executive pay, according to a government official with knowledge of the negotiations.

The official said Monday that the Treasury Department denied Chrysler Financial's request for more aid because some of its top 25 executives would not waive their rights to legal claims against the government and Chrysler Financial regarding new caps on executive compensation. The official did not want to be identified because the decision has not been made public.

The Washington Post reported on its Web site Monday that Chrysler Financial turned down $750 million in aid on top of $1.5 billion it already has received.

Chrysler Financial denied the allegation. It issued a statement saying it has enough private capital to meet its short-term needs of lending money to dealers and customers, and it doesn't need more money now from the government's Troubled Asset Relief Program, or TARP.

Chrysler Financial received a $1.5 billion loan from the bank bailout program in January and said it would use the money to provide low-rate financing to more car buyers.

The government also restricted executive pay for federal bailout recipients at that time, but the restrictions have gotten tougher since then.

I think Chrysler and other companies will have to be teetering on the very edge before they agree to all of Obama's demands in order to get bailout funds.