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Treasury: U.S. to lose $25 billion on auto bailout

Posted By admin On August 14, 2012 @ 1:54 am In Money Watch | Comments Disabled

Detroit News [1]
Aug 14, 2012

The Treasury Department says in a new report the government expects to lose more than $25 billion on the $85 billionĀ 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.

Full article here [1]

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[1] Detroit News: http://www.detroitnews.com/article/20120813/AUTO01/208130392

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