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