Just after Obama took office the auto industry was going down the drain and the government stepped in and save them from dying an agonizing death…….of course once we did bail them out there was a wealth of pros and cons and just an amazing amount of bat crap crazies….the usual suspects that radio guy and the Info guy and the like…..let’s just say a lot of them came out of the woodwork…….
After awhile the auto industry got back on their feet and started showing a profit and even paying the government back for their confidence in the industry to bounce back….all it needed was a little help….
Could there be more to the story of the auto bailout? Glad you asked…….
DETROIT, MI- The auto bailout of General Motors cost taxpayers more than initially reported, according to a government report released today.
In its quarterly report, the Office of the Special Inspector General for the Troubled Assets Relief Program reports taxpayers lost $11.2 billion on the bailout of the Detroit-based automaker, up from $10.3 billion the U.S. Treasury estimated when selling its last GM shares on Dec. 9.
Overall, the report finds that taxpayers lost roughly $15 billion from the $85 billion automotive bailout of GM, Chrysler and their financial arms.
“As of March 31, 2014, taxpayers have lost $11.2 billion on the principal TARP investment in GM. Taxpayers had also lost $845 million on the sale of Ally Financial’s common stock, as well as $2.9 billion on the principal TARP investment in Chrysler Holding LLC,” reads the more than 500-page report.
Oh goody! we were duped again. It is amusing that I NO longer find any of this surprising…….just another indication of how the news is manipulated…..and just another lie to the American people……when will we ever learn?
Let me know if you have seen this on any of the major news outlets, please……so far I have seen NOTHING!