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 fell $0.07, or 0.3 percent, to $20.47. At that price, the government would lose another $850 million on its GM bailout.
(Now some bozo "anonymous" will tell me in the combox that Ryan voted FOR the bailout and that means that Ryan is Lenin's great-grandchild's bastard son so how could ANYONE possibly vote for him....)
I've always had doubts about the auto bailout; a packaged BK would have preserved most of GM and most likely would have produced a better outcome for all the players. But it is what it is.
Further, $25Bn is pocket-change in the Waste & Corruption FedGov racket.
3 comments:
"(Now some bozo "anonymous" will tell me in the combox that Ryan voted FOR the bailout and that means that Ryan is Lenin's great-grandchild's bastard son so how could ANYONE possibly vote for him..."
No, not some bozo anonymous, just a Christian libertarian...
www.wnd.com/2012/08/ryan-is-a-rino/
dad, did you read this?
http://www.forbes.com/sites/louiswoodhill/2012/08/15/general-motors-is-headed-for-bankruptcy-again/
Yes I did, and the author is WAAAAYYY overwrought and needs to take his meds.
I think Akerson is a ringding and will be gone soon, like his godfather-in-biz Obozo.
But the author ignores a number of highly successful GM lines to concentrate on the Malibu. That's simply not building a case for "BK".
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