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Which Among You Dupes Thought GM and Chrysler Would -- Or Could -- Pay Back Your Tax Dollars?

Digest


The Washington Post
Tuesday, November 3, 2009


AUTOMOTIVE

"U.S. investment likely lost, GAO says"


TAXPAYERS are unlikely to recover their full investment in General
Motors or Chrysler, U.S. 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 and
Chrysler likely will not be valuable enough for the Treasury
Department to break even on its investment in the two auto companies
that went through 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.

To recover the loans Treasury gave Chrysler and GM to keep them
afloat, the automakers would have to reach valuations they did not
approach even when they were healthier.

GM spokesman Greg Martin said "if we get our job done, the government
has an excellent chance of getting a return on its investment."
Chrysler declined to comment.

-- Associated Press

http://www.washingtonpost.com/wp-dyn/content/article/2009/11/02/AR2009110203479.html

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