Wednesday, November 16, 2011

Whoopsie! Another $9Bn Down the Auto Bailout Rathole

Oh, well, it's only taxpayer money,, right?

The Treasury Department dramatically boosted its estimate of losses from its $85 billion auto industry bailout by more than $9 billion in the face of General Motors Co.'s steep stock decline. 

In its monthly report to Congress, the Treasury Department now says it expects to lose $23.6 billion, up from its previous estimate of $14.33 billion

The Treasury now pegs the cost of the bailout of GM, Chrysler Group LLC and the auto finance companies at $79.6 billion. It no longer includes $5 billion it set aside to guarantee payments to auto suppliers in 2009.

GM, Chrysler, Solyndra, ....

Maybe we should claw back all the Congress-slime's capgains from insider trading and apply it to the national debt!!

HT:  Paco


Saint Revolution said...

There's no maybe about it.

...and then indict, convict, and capital crime sanction (read, hang) the bastards for high treason.

Corrupt pukes.

steveegg said...

Shocking, isn't it? Don't forget, the UAW will be made more than whole regardless of whether their shares in Government Motors and UAW/Fiat zero out.