By David Shepardson,Detroit News
Obama flushes $30 Billion down the drain
The Obama administration will tell Congress Wednesday that it expects to lose about $30 billion of the $82 billion government bailout of the auto industry,two administration officials familiar with the report said today.
The estimate —the first public accounting of losses connected to the rescue of General Motors and Chrysler —is in line with what the Government Accountability Office,the Troubled Asset Relief Congressional Oversight Panel and former auto czar Steve Rattner have suggested.
But it is lower than previous internal administration estimates.
The Treasury Department has loaned $50 billion to General Motors,and swapped all but $6.7 billion of it for a 61 percent majority stake in the automaker. In order for taxpayers to be repaid fully,GM’s stock would have to be worth far more than current estimates when the company goes public as early as next year.
Does this include the $6 billion given to foreigners,namely Opel,to "save it". And how many unioin jobs did this so-far-$30,000,000,000 save? Certainly the union bosses'jobs and probably funnelled some number of millions into the Democratic Party war chest.
http://www.periodictablet.com
When are you folks going to quit talking and band together and take action to remove this man and all his followers from office? Sheesh,get a spine folks,let's get it done. If you need a leader call me I';ll be happy to be the first one through the White House gates. We can't wait till next election we must act now,they are selling our country down the drain every day. Get up,borrow some courage,get it done,NOW!!!!
Can anyone explain why the government takeover of GM –turning them into Government Motors –was better than letting them go the free enterprise route of Chapter 11 reorganization? This was a political payoff to the Unions,a complete disregard for the rule of law,and an amateur move by a President who couldn't run a lemonade stand,let alone a country. For $30 billion large,the government might as well have just paid every employee of GM a half million dollars and been done with it.
It's the communist,Marxist,Socialist way that "OOO"has taken on America. Spread the wealth is his main goal and destroying our economy. This is all about making the bankers who put him in office rich.
Clear the house in 2010 &2012. IMPEACH OBAMA NOW.
http://www.impeachobamacampaign.com/
It's the communist,Marxist,Socialist way that "OOO"has taken on America. Spread the wealth is his main goal and destroying our economy. This is all about making the bankers who put him in office rich.
It's the communist,Marxist,Socialist way that "OOO"has taken on America. Spread the wealth is his main goal and destroying our economy. This is all about making the bankers who put him in office rich.
IMPEACH OBAMA NOW
http://www.impeachobamacampaign.com/
No shit did we think it was going to turn out any other way? Unfortunatley American car companies make crappy carsnter text right here!