2 votes

Obama's $25 Billion Government Motors Lemon

As the Obama campaign continues to tout the GM bailout as an industrial policy success, the Treasury Department continues to revise upward the staggering losses inflicted on U.S. taxpayers.

On the day Government Motors, aka GM, announced it was recalling at least 38,000 of its vehicles — Impalas used by police nationwide and in Canada — due to a crash risk, a new Treasury report said it now expects to lose $25 billion on the bailout, $3.3 billion more than forecast earlier.

Read more here

http://news.investors.com/article/622168/201208141740/gm-cos...



Trending on the Web

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
fireant's picture

Aah, the miracle of "public private partnerships".

From the article:
"The monthly report sent to Congress last Friday covers predicted losses through May 31, when GM's stock price was $22.20 a share.

On Tuesday, GM fell $0.26, or 1.3%, to $20.21.

At that price, the government would lose another $995 million on its GM bailout. The report notes the government still has 500 million shares of GM and needs to sell those shares at $53 each for the government to break even on the bailout."
I wonder why the ORomney isn't hammering away at this?

Undo what Wilson did

How about all the Chrysler

Dealerships that were closed because they donated to the GOP?