Govt Motors Screws Taxpayers

Discussion in 'Politics' started by LogikAndReazon, Aug 13, 2012.

  1. LogikAndReazon
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    LogikAndReazon Gold Member

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    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.

    The government still holds 500 million shares of GM stock and needs to sell them for about $53 each to recover its entire $49.5 billion bailout.



    From The Detroit News: Treasury: U.S. to lose $25 billion on auto bailout | The Detroit News | detroitnews.com
     
  2. waltky
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    waltky Wise ol' monkey Supporting Member

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    Oops! Obama caught inna fib...
    :eusa_shifty:
    Obama: ‘We Got Back Every Dime’ of Bailout; CBO: Bailout Will Lose $24 Billion
    October 15, 2012 – President Barack Obama said on Thursday that “we got back every dime we used to rescue the financial system."
     
  3. chesswarsnow
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    chesswarsnow "SASQUATCH IS WATCHING"

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    Sorry bout that,


    1. So Obama lied about breaking even.
    2. Thats jacked up!
    3. Did he lie to congress or the media?
    4. Can we get this fucker on this lie???
    5. Elections too close, lets just kick his fucking ass out of office!!!!!!!!!


    Regards,
    SirJamesofTexas
     
  4. OKTexas
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    OKTexas New Life Member of the NRA 12/15 Supporting Member

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    Then you have to figure in the Department of Energy grants to GM and it's subs. That's a few hundred million more.
     
  5. SniperFire
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    SniperFire Senior Member

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  6. saveliberty
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    saveliberty Diamond Member

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    It's not a loss until you sell people.
     

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