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Auto Bailouts “Unambiguous Success” Despite $14 Bil Cost, Argues Rattner

Losses could narrow if GM stock regains momentum.

by on Dec.16, 2011

Former auto czar Steve Rattner.

The federal bailouts of General Motors and Chrysler were a collectively “unambiguous success,” according to the man who helped pulled the deals together – despite the likely $14 billion bill to U.S. taxpayers.

Moving fast was critical, and despite claims that it would have been easier to just let the makers go into bankruptcy on their own, former U.S. auto czar Steven Rattner told The Detroit Economic Club there was no option but to have the federal government step in considering the economy had fallen into its worst downturn since the Great Depression.

The Final Word!

White House officials, up to and including President Barack Obama, have suggested that the bailouts ultimately saved anywhere from 500,000 to as many as 1 million U.S. jobs and prevented the economy from going into a full-fledged depression.

“It’s unambiguous that it was a success,” said Rattner, who detailed the effort to save the two makers in his book, “Overhaul.”

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