l****z
发帖数: 29846 | 1 By David Shepardson
Detroit News Washington Bureau
Washington -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.
The government still holds 500 million shares of GM stock and needs to sell
them for about $53 each to recover its entire $49.5 billion bailout. At the
current price, the Treasury would lose more than $16 billion on its GM
bailout.
The steep decline in GM's stock price has indefinitely delayed the Treasury'
s sale of its remaining 26 percent stake in GM. No sale will take place
before the November election.
Treasury spokesman Matt Anderson said the costs were still far less than
some predicted.
"The auto industry rescue helped save more than one million jobs throughout
our nation's industrial heartland and is expected to cost far less than many
had feared during the height of the crisis," Anderson said.
The Obama administration initially estimated it would lose $44 billion on
the bailout but reduced the forecast to $30 billion in December 2009.
But the recent estimates are not as optimistic as last year.
The Treasury Department said in a May 2011 report that its estimate of auto
bailout losses was $13.9 billion. The Congressional Budget Office also
estimates a $14 billion loss. The CBO has written off $8 billion of the
government's auto bailout as an unrecoverable loss.
Republican presidential candidate Mitt Romney has decried the losses on the
auto bailout and insisted that forcing GM and Chrysler Group LLC to go
through bankruptcy first would have saved taxpayers money.
But President George W. Bush — who gave the automakers and their finance
arms about $25 billion in his final weeks in office in bailout funds — said
there wasn't time.
Taxpayers incurred a $1.3 billion loss on the $12.5 billion bailout of
Chrysler.
The Treasury also has put on hold an initial public offering initially
planned for last year in Ally Financial Inc. because of market weakness. The
government holds a 74 percent majority stake in the Detroit auto finance
company as part of its $17.2 billion bailout and has recovered $5.7 billion.
GM CEO Dan Akerson told employees at a town hall meeting Thursday that the
company was working to take actions to boost the automaker's sagging price. | P*********0
发帖数: 4321 | 2 Heard that. How many days would $25b last in Afghanistan?
Haha
That'
almost
★ 发自iPhone App: ChineseWeb 7.3
【在 l****z 的大作中提到】
: By David Shepardson
: Detroit News Washington Bureau
:
: Washington -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
| l******a
发帖数: 3803 | 3
That'
almost
Odumba just wanted to put that on his list of "success", wait a minute...
If there is a success story, then he has to "blame" Bush who started bailout
before his exit from WhiteHouse which later became community center that
traps Muchel while the main queer all out golfing.
【在 l****z 的大作中提到】
: By David Shepardson
: Detroit News Washington Bureau
:
: Washington -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
|
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