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Auto Bailout Loss Estimate Dips – Still Likely to Top $20 bil

GM’s stock rebound helps cut projected cost to taxpayers.

by on Feb.12, 2013

Though it has slipped in recent days, GM stock is up sharply since last summer, meaning a significant decline in likely bailout losses.

With General Motors’ stock rising by as much as 60% since last summer, the long-term cost of the 2009 auto industry bailout has shrunk substantially – but would still top $20 billion at the current GM share price, according to the latest report on the rescue by the U.S. Dept. of the Treasury.

The government began propping up both General Motors and Chrysler – and their finance subsidiaries – in late 2008, under the outgoing Bush Administration, as it became increasingly likely the two makers would plunge into bankruptcy. The rescue effort was ramped up after the Obama Administration came into power, ultimately raising the investment to $85 billion.

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Initially, the Treasury warned that it might lose as much as $44 billion as GM and Chrysler filed for Chapter 11.  The price tag has since risen and fallen repeatedly, largely based on the stock price of the remaining government holdings in General Motors.

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Opinion: Foreign Makers Whine Over Obama “Snub”

Complain Obama didn't kick their tires, too.

by on Feb.03, 2012

The President checks out a Chevrolet Volt at the Washington Auto Show. He missed the Prius plug-in.

Everybody knows about the decline of the American economy. At the same time, aided and abetted by the talking heads on CNN, Fox News and MSNBC, Amercans are well on their to becoming a nation of chronic whiners.

The latest example comes from Washington D.C. where a handful of automotive executives who were asked to be on hand while President Barack Obama visited the Washington D. C. Auto Show this week.

Insight!

Obama, however, didn’t visit their exhibits and instead spent his time at the GM , Ford and Chrysler stands, leaving the foreign executives supping coffee or whatever. But instead of going on to their next meeting or complaining to the wives or companions, the brass from the Asian and European manufacturers, most of whom are Americans, went whining to the media, sparking all kinds of learned analysis about why Obama hates foreign carmakers.

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