Report: Government Expects to Lose $30 Billion on Auto Bailout
The data is in, and the outlook is dreary.
The Obama administration is scheduled to tell Congress tomorrow that it expects to lose $30 billion of the $82 billion it invested in General Motors and Chrysler as part of a plan to salvage the auto industry.
To read the complete article in The Detroit News, click here.
I anxiously await your comments.
The Obama administration is scheduled to tell Congress tomorrow that it expects to lose $30 billion of the $82 billion it invested in General Motors and Chrysler as part of a plan to salvage the auto industry.
To read the complete article in The Detroit News, click here.
I anxiously await your comments.
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Comment by David Ruggles on December 9, 2009 at 9:29pm -
I don't get this. How can the lose money unless either GM, Chrysler, or GMAC doesn't survive? Having said this, I don't understand where GM got authorization to pay taxpayer money to the German gov't and other EU governments to pay back money advanced to Opel while GM looked for a buyer. Now that the GM board pulled the rug out from under Fritz on the Opel deal, that EU money has to be paid back. Anyone know how this works?
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