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  • Obama's $25 Billion Government Motors Lemon

    08/14/2012 4:52:59 PM PDT · by raptor22 · 18 replies
    IBD editorials ^ | August 14, 2012
    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. As the Detroit News reported, this loss was based on GM's stock price at the time of the...