Posted on 09/09/2009 4:04:25 AM PDT by tobyhill
The federal government is unlikely to recoup all of the billions of dollars that it has invested in General Motors and Chrysler, according to a new congressional oversight report assessing the automakers' rescue.
The report said that a $5.4 billion portion of the $10.5 billion owed by Chrysler is "highly unlikely" to be repaid, while full recovery of the $50 billion sunk into GM would require the company's stock to reach unprecedented heights.
"Although taxpayers may recover some portion of their investment in Chrysler and GM, it is unlikely they will recover the entire amount," according to the report, which is scheduled to be released Wednesday.
(Excerpt) Read more at msnbc.msn.com ...
Maybe we’ll “re-sedan” some of it if we can’t get a coupe.
Both Geithner and Obama’s mother worked for FORD.
An alternate hypothesis is that GM and Chrysler
were in for planned destruction for the Geithner/Obamas.
Whenever the government makes an “investment”, it’s invariably a money loser. Otherwise the investment would be made by a private entity. The government does not do what private entities are incapable of doing; it does what private entities are too smart to do.
This crap reads like a “Dear John” letter.
Tens of billions of taxpayer dollars WASTED and accountability for the lies perpetuated to bailout these ‘Sorry, we are not going to be able to pay you back’ automakers is whom and where?
Let a person who bought one of their pieces of garbage default on a car loan and see what happens.... =.=
” U.S. ‘unlikely’ to recoup auto outlay, panel finds “
In other news - SUN DUE TO RISE IN THE EAST THIS MORNING!!
NO! Who knew?
As if we trusted Obama and the Dems.
C’mon, this was perfectly predictable. After all, the Unions effectively own GM and Chrysler and did ANYONE think that Barak O’Hoffa would make them pay ANYTHING back?
There, fixed it!
Worse still is that these companies, especially GM, will under inept government leadership may well fail altogether. I expect that neither GM or Chrysler will exist in ten years, despite US taxpayers pouring billons of dollars into saving them.
Investment? They stole my money and "invested" it for me! I personally would never have been stupid enough to make that "investment."
The investment will be repaid in non-economic means. It will be forever used as a precident on the government bailing out favored companies and taking over and firing the management of unfavored ones. It was about control, not profit.
As of yesterday - the people who bought cars have their shiny new cars, the AUTO MAKERS gained sales of lot of cars, but the dealers? Only two per cent of the fund has been paid out. The poor dealers are still waiting, waiting, waiting for their money.
Compare the snail pace of dealer payment to how fast the unions got their money in the bailouts!
The people vote for change!!
wasn’t most of our money poured into the bankrupt GM ? Why would they expect to get it back ?
doesn’t the FEDS own warrants for the current GM ? They have to be worth something ...oh wait, GM has to make cars somebody will buy.
Nevermind.
Boy, there's a surprise. And what I'm waiting for is when it comes time for Ford to negotiate a new union contract, I can't wait to see how it works out when they have to negotiate with the owners of their competition! It really would be funny if we weren't the ones having to pay for it!
Mark
It's not just the tax payer. Remember, the government's plan for Ford & GM also screwed their bond holders in order to give the payoffs to the unions and other "protected class" members, screwing many investors out of their retirement savings.
It's amazing how the government does exactly what Bernie Madoff did, but on a much larger scale, and HE IS IN PRISON!
Mark
Government, union, company...the co-conspirators in a fascist’s con-game?
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