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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

DAVID SHEPARDSON
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 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.

Full article here [1]


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URLs in this post:

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

[2] Obama: ‘We Got Back Every Dime’ of Bailout; CBO: Bailout Will Lose $24 Billion: http://www.prisonplanet.com/obama-%e2%80%98we-got-back-every-dime%e2%80%99-of-bailout-cbo-bailout-will-lose-24-billion.html

[3] Potential AIG Bailout Loss Was Concealed By Treasury, Federal Auditor Says: http://www.prisonplanet.com/potential-aig-bailout-loss-was-concealed-by-treasury-federal-auditor-says.html

[4] U.S. Taxpayers Lose $1.3 Billion in Chrysler Bailout: http://www.prisonplanet.com/u-s-taxpayers-lose-1-3-billion-in-chrysler-bailout.html

[5] Obama Bailout of Gov’t Motors to Cost Taxpayers at Least $14 Billion: http://www.prisonplanet.com/obama-bailout-of-govt-motors-to-cost-taxpayers-at-least-14-billion.html

[6] Fannie, Freddie Slump on Concern Treasury Bailout Is Inevitable: http://www.prisonplanet.com/fannie-freddie-slump-on-concern-treasury-bailout-is-inevitable.html

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