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
at

2 comments:

  1. Saint Revolution11/16/2011 7:29 PM

    There's no maybe about it.

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

    Corrupt pukes.

    ReplyDelete
  2. steveegg11/17/2011 1:17 AM

    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.

    ReplyDelete