Tyr-Ziu Saxnot
08-14-2012, 10:54 PM
Wasnt this something the obama admin was bragging about as a great success story? How tha hell is losing 25 billion of our TAX DOLLARS A SUCCESS!?? Only in obama/media fantasyland can we find it to be proclaimed so but it was just that. They still lie about GM paying it all back!-Tyr
http://bottomline.nbcnews.com/_news/2012/08/14/13281710-auto-bailout-cost-now-upped-to-25-billion?lite
Auto bailout cost now upped to $25 billion By Paul A. Eisenstein, The Detroit Bureau
American taxpayers could wind up losing as much as $25 billion on the 2008 – 2009 automotive bailout, according to a new report, a figure that has increased by 15% since an earlier forecast, in large part representing the significant downturn in General Motors’ stock price.
Beginning with the outgoing Bush Administration in 2008 and continuing once Pres. Barack Obama took office the following year, the U.S. Treasury invested $85 billion to help the domestic industry survive the deep recession – primarily to fund the post-bankruptcy turnarounds at GM and Chrysler.
But, in a report sent to Congress, the White House raised to $25.1 billion the amount it said it cannot now expect to recover – primarily by selling off the remaining 26% stake it still holds in GM. The previous quarterly estimate was $21.7 billion. On the other hand, the latest figure is about 45% less than the $44 billion the Obama Administration had once predicted.
http://bottomline.nbcnews.com/_news/2012/08/14/13281710-auto-bailout-cost-now-upped-to-25-billion?lite
Auto bailout cost now upped to $25 billion By Paul A. Eisenstein, The Detroit Bureau
American taxpayers could wind up losing as much as $25 billion on the 2008 – 2009 automotive bailout, according to a new report, a figure that has increased by 15% since an earlier forecast, in large part representing the significant downturn in General Motors’ stock price.
Beginning with the outgoing Bush Administration in 2008 and continuing once Pres. Barack Obama took office the following year, the U.S. Treasury invested $85 billion to help the domestic industry survive the deep recession – primarily to fund the post-bankruptcy turnarounds at GM and Chrysler.
But, in a report sent to Congress, the White House raised to $25.1 billion the amount it said it cannot now expect to recover – primarily by selling off the remaining 26% stake it still holds in GM. The previous quarterly estimate was $21.7 billion. On the other hand, the latest figure is about 45% less than the $44 billion the Obama Administration had once predicted.