Govt Motors Screws Taxpayers

LogikAndReazon

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Feb 21, 2012
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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
 
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."
According to the Congressional Budget Office, however, the government will lose about $24 billion on the bailout. “We got back every dime we used to rescue the financial system, but we also passed a historic law to end taxpayer-funded Wall Street bailouts for good,” Obama said in Miami Thursday.

The Congressional Budget Office--based on figures from Obama’s own Office of Management and Budget---gives a different assessment. “The cost to the federal government of the TARP’s transactions (also referred to as the subsidy cost), including grants for mortgage programs that have not yet been made, will amount to $24 billion,” said the CBO report, which was released on the same day Obama spoke. TARP is the Troubled Asset Relief Program – the formal name of the government’s financial bailout program passed in October 2008.

CBO said that the cost of TARP “stems largely from assistance to American International Group (AIG), aid to the automotive industry, and grant programs aimed at avoiding home mortgage foreclosures,” noting that the losses will be so large they will eclipse the financial gains the government will realize from bailing out other large financial institutions. In fact, CBO reported that as of now $65 billion in TARP funds remain outstanding.

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

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