Taxpayer losses from bailing out Chrysler and General Motors may reach $34 billion
Obama’s hope and change worked out real well for unions who helped elect him at GM and Chrysler, not so well for legal creditors and tax payers.
From Newsmax.com
The Treasury Department said Monday it will lose $2.1 billion on a loan made to Chrysler in early 2009. Taxpayer losses from bailing out Chrysler and General Motors are expected to rise as high as $34 billion, congressional auditors say.
Treasury said Monday that it had received a $1.9 billion repayment from Chrysler Holding, which emerged from bankruptcy last year, and that was all it expected to recover.
The original loan was made to Chrysler LLC on Jan. 2, 2009, by the Bush administration. At the time, the government was scrambling to provide emergency support to both Chrysler and GM and their auto financing arms.
The Congressional Budget Office estimated in March that the government’s $85 billion bailout of automakers would cost taxpayers $34 billion.
FULL STORY
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