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Unlikely We Will Recover $81 Billion Given to GM & Chrysler
 Posted
11/3/2009 3:20:00 PM
On the same day that Ford -- the one member of Detroit’s Big Three that did not receive a taxpayer bailout -- reported a quarterly profit of nearly $1 billion, a government watchdog warned that taxpayers are unlikely to recoup all of the $81 billion the Treasury Department has invested in General Motors and Chrysler.
In a new report released Monday afternoon, the Government Accountability Office stated, “Treasury is unlikely to recover the entirety of its investment in Chrysler or GM, given that the companies’ values would have to grow substantially above what they have been in the past.”
Since December 2008, Treasury has invested $81.1 billion in the two automakers, more than 12 percent of the total funds available from the $700 billion Troubled Asset Relief Program.
The government now has a 60 percent equity stake in the new GM and a 9.85 percent stake in the new Chrysler.
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Producer Thomas
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Unlikely.
Yeah, ya think?
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Posted By
Texas Marie
On
11/3/2009 5:21:54 PM
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