GM & Chrysler Unlikely to Pay Back Stimulus $$

[Soul Crusher]

GM & Chrysler Unlikely to Pay Back Stimulus $$
 Source: AP

GAO: Full recovery of auto investment unlikely
by THE ASSOCIATED PRESS
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WASHINGTON November 2, 2009, 03:53 pm ET

Taxpayers are unlikely to recover their full investment in General Motors or Chrysler, 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 Co. and Chrysler Group LLC likely won't be valuable enough for the Treasury Department to break even on its investment in the two auto companies that went though 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 didn't approach even when they were healthier.

Read more: http://www.npr.org/templates/story/story.php?storyId=11... 

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WHERE THE FUCK IS THE MONEY GOING?? 

[James]

WHERE THE FUCK IS THE MONEY GOING?Huh?  

Unions

Wolf guards the Hen house now.

[GigantorX]

This whole clusterfuck was a goldmine for the Unions. They could rape the auto companies and pray that they actually got back on track so they could rape them some more or if they didn't they could stand by, get a totally free pass from this Admin. and get untold riches  from the Admin. in the way of common issued stock in a company that the Admin would never let fail.

It was a brilliant move on their part and they will be doing the same to Ford. They could care less if Ford dies or is still in a precarious position...they wan't theirs and don't give a shit if the company dies or not because the Admin. will come to the rescue, take over and give the Unions theres either way.

[Soul Crusher]

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

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Do you guys understand who fucked up this is?  This was the UAW bailout and theft of the taxpayer and nothing else. 

This entire Admn. is nothing more than a criminal gang of bank robbers. 

[BM OUT]

Yet,Ford,which didnt take money is making a profit.Just another example of how pathetic everything the government does.

[Bindare_Dundat]

The fun never stops.

[Soul Crusher]

The fun never stops.

Something is seriously wrong here.  Re-read the article.  Their saying to pay back the loan GM needs a market cap of when they were far healthier.  Have things gotten worse since we bailed them out?

[BM OUT]

Something is seriously wrong here.  Re-read the article.  Their saying to pay back the loan GM needs a market cap of when they were far healthier.  Have things gotten worse since we bailed them out?

YES!!!!!Anytime the government gets their hands on something,it fails!!!

[Bindare_Dundat]

Something is seriously wrong here.  Re-read the article.  Their saying to pay back the loan GM needs a market cap of when they were far healthier.  Have things gotten worse since we bailed them out?

lol

 They aren't selling cars and now they have a huge loan to pay off, so the candle is burning at both ends. Not that it really matters anyway, it's all a lost cause for now. GM is the perfect example of the situation the US is in now. 

[240 is Back]

I feel like I'm reading the Onion.

I can imagine an onion article where they all shrug and laugh when asked where the stim $ is going.

unfortunately, it's reality.

[shootfighter1]

This is why they can't do bailouts to private industry.  Not surprising.  Many of us were against these bailouts...and proven to be for good reason.

Why is Ford doing so well but GM not despite the huge influx of taxpayor $? 

[Soul Crusher]

This is why they can't do bailouts to private industry.  Not surprising.  Many of us were against these bailouts...and proven to be for good reason.

Why is Ford doing so well but GM not despite the huge influx of taxpayor $? 

Shoot - I have the new Slayer album BBBLLLAASSSSTTTTIIINNGGG G in the office.  Its great the walls are shaking and the neighbors PPIISSSEEDD!!!!!

As far as the bailouts - those of us opposed to these in the beginning are being proven right.  also, check out my thread on the phony math behind the stimulus jobs report.   

[shootfighter1]

That's f-cking great! 

Probably wouldn't go over any better in the doctor's office...however, I was listening to a couple of the tracks on the new album in the office after work last week.  Excellent stuff.