Color me surprised - taxpayers take it in the shorts for Auto Bailout
From
Yahoo/Associated Press:
Taxpayers face heavy losses on auto bailout
Taxpayers face losses on a significant portion of the $81 billion in government aid provided to the auto industry, an oversight panel said in a report to be released Wednesday.
The Congressional Oversight Panel did not provide an estimate of the projected loss in its latest monthly report on the $700 billion Troubled Asset Relief Program. But it said most of the $23 billion initially provided to General Motors Corp. and Chrysler LLC late last year is unlikely to be repaid.
"I think they drove a very hard bargain," said Elizabeth Warren, the panel's chairwoman and a law professor at Harvard University, referring to the Obama administration's Treasury Department. "But it may not be enough."
These politicians are rewarding these companies (Union companies I might add) for their incompetent management and they are using our money. I used to be a die-hard Chrysler/Dodge person but I am now leaning to Ford when it comes time to replace my old Dakota...
Posted by DaveH at September 9, 2009 9:45 PM