Treasury: US to lose $25 billion dollars on Auto Industry Bailout

[badrose]

http://www.detroitnews.com/article/2...TO01/208130392

Washington -The Treasury Department says in a new report the government expects to lose more than $25 billion on the $85 billion auto bailout. That's 15 percent higher than its previous forecast.

In a monthly report sent to Congress on Friday, the Obama administration boosted its forecast of expected losses by more than $3.3 billion to almost $25.1 billion, up from $21.7 billion in the last quarterly update.

The report may still underestimate the losses. The report covers predicted losses through May 31, when GM's stock price was $22.20 a share.

On Monday, GM stock was trading down 6 cents, or 0.2 percent, to $20.49. At that price, the government would lose another $850 million on its GM bailout.

From The Detroit News: http://www.detroitnews.com/article/2...#ixzz23SForyX6

[Catonahottinroof]

And here's my Etrade baby shocked face :0)

[jazyd]

Do they ever tell the truth on how much anything is going to cost.

[Doc]

Wait, I though all that money had been paid back.

[Jeeepcat]

Buy a Ford. Seriously.

I go on rants constantly about what GM still owes and the sheep believe the BS TV ad claiming it was all paid back.

Ugh.

[Jeeepcat]

BTW, I think it's like $126,000,000,000 still owed.

[jazyd]

Unions didn't lose did they

[TNCat]

Unions didn't lose did they

Nope. Not a dime.

[ukblue]

How many non-union companies got bail out money?

[jazyd]

Same amount the coal companies get.

How many non-union companies got bail out money?

[ukblue]

The government invests about .24 cents per kilowatt of power produced with coal. They have a little more than 24.00 per kilowatt invested in solar and wind energy. They must think the xtra 10 percent is worth it.

[Badinage]

The government invests about .24 cents per kilowatt of power produced with coal. They have a little more than 24.00 per kilowatt invested in solar and wind energy. They must think the xtra 10 percent is worth it.

10%?

[ukblue]

10%?

Bandiage, a joke about the way our government figures things. Sort of like the guy that said he bought beef for 10 dollars a pound and sold it for 30 and made a good living on the 20% markup.