Remember when we (the American tax payers) bailed out the auto industry with the idea that we were making a sound investment? We would simultaneously save an industry and get a return on our money when the car companies rebounded. Well, so much for that. From CNSNews:
Taxpayers are unlikely to recover their full investment in General Motors or Chrysler, government investigators said Monday in the latest review to cast doubts that the government will recoup the $80 billion it poured into the two automakers.
The Government Accountability Office concluded that General Motors Co. and Chrysler Group LLC likely won't be valuable enough for the Treasury Department to break even on its investment in the two auto companies that went though bankruptcy earlier this year.
The GAO also revealed that the Obama administration is closely scrutinizing the finances of GM and Chrysler and has set some requirements on production even though it has said it will maintain a hands-off approach on the automakers' daily operations.
0 comments:
Post a Comment