Water Over Gold
New member
lost appx. $30 billion on GM? This article tries to imply Obama didn't have anything to do with the auto companies getting bailed out. (he did)
Other than that, this article seems like an extremely clever way to admit GM is going to cost the taxpayers $30 billion they won't be getting back (without actually saying it).
What do you think?? (Considering GM ran all those commercials talking about how they paid back all the bailout money..........bullsh*t)
http://news.yahoo.com/s/ap/us_chrysler_repayment;_ylt=AorKQF2xB_GsrHflbp032zZH2ocA;_ylu=X3oDMTNhdTM1Z2llBGFzc2V0A2FwLzIwMTAwNTE4L3VzX2NocnlzbGVyX3JlcGF5bWVudARjY29kZQNtb3N0cG9wdWxhcgRjcG9zAzUEcG9zAzUEc2VjA3luX3RvcF9zdG9yaWVzBHNsawN0cmVhc3VyeXRha2U-
WASHINGTON – The Treasury Department said Monday it will lose $1.6 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 have said.
Treasury said Monday that Chrysler repaid $1.9 billion of a $4 billion loan, which was extended before the company filed for Chapter 11. The government hopes to get another $500 million from the company that emerged from bankruptcy, Chrysler Group LLC.
Treasury officials said that the government had no plans to boost its stake in the new Chrysler to cover those losses. It also acknowledged another $1.9 billion in potential losses from a separate loan that had been made to the company that went through bankruptcy proceedings. It indicated slim hopes of recouping much if anything from that separate $1.9 billion loan.
The original $4 billion loan was made in January 2009, when the Bush administration was scrambling to rescue Chrysler, GM and their auto financing arms.
http://www.nytimes.com/2008/11/11/world/americas/11iht-11auto.17704414.html
Obama went into his post-election meeting with Bush on Monday primed to urge him to support emergency aid to the auto industry, advisers to Obama said. But Democrats also indicate that neither Obama nor congressional leaders are inclined to concede the Colombia pact to Bush, and may decide to wait until Obama assumes power on Jan. 20.
Separate from his differences with Bush, Obama has signaled to the automakers and the unions that his support for short-term aid now, and long-term assistance once he takes office, is contingent on their willingness to agree to transform their industry to make cleaner, more energy-efficient vehicles.
Other than that, this article seems like an extremely clever way to admit GM is going to cost the taxpayers $30 billion they won't be getting back (without actually saying it).
What do you think?? (Considering GM ran all those commercials talking about how they paid back all the bailout money..........bullsh*t)
http://news.yahoo.com/s/ap/us_chrysler_repayment;_ylt=AorKQF2xB_GsrHflbp032zZH2ocA;_ylu=X3oDMTNhdTM1Z2llBGFzc2V0A2FwLzIwMTAwNTE4L3VzX2NocnlzbGVyX3JlcGF5bWVudARjY29kZQNtb3N0cG9wdWxhcgRjcG9zAzUEcG9zAzUEc2VjA3luX3RvcF9zdG9yaWVzBHNsawN0cmVhc3VyeXRha2U-
WASHINGTON – The Treasury Department said Monday it will lose $1.6 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 have said.
Treasury said Monday that Chrysler repaid $1.9 billion of a $4 billion loan, which was extended before the company filed for Chapter 11. The government hopes to get another $500 million from the company that emerged from bankruptcy, Chrysler Group LLC.
Treasury officials said that the government had no plans to boost its stake in the new Chrysler to cover those losses. It also acknowledged another $1.9 billion in potential losses from a separate loan that had been made to the company that went through bankruptcy proceedings. It indicated slim hopes of recouping much if anything from that separate $1.9 billion loan.
The original $4 billion loan was made in January 2009, when the Bush administration was scrambling to rescue Chrysler, GM and their auto financing arms.
http://www.nytimes.com/2008/11/11/world/americas/11iht-11auto.17704414.html
Obama went into his post-election meeting with Bush on Monday primed to urge him to support emergency aid to the auto industry, advisers to Obama said. But Democrats also indicate that neither Obama nor congressional leaders are inclined to concede the Colombia pact to Bush, and may decide to wait until Obama assumes power on Jan. 20.
Separate from his differences with Bush, Obama has signaled to the automakers and the unions that his support for short-term aid now, and long-term assistance once he takes office, is contingent on their willingness to agree to transform their industry to make cleaner, more energy-efficient vehicles.