The Treasury Department dramatically boosted its estimate of losses from its $85 billion auto industry bailout by more than $9 billion in the face of General Motors Co.'s steep stock decline.If you're holding GM stock, you'll probably be getting the bad news in the mail when the annual report is sent out. On the other hand, maybe not.
In its monthly report to Congress, the Treasury Department now says it expects to lose $23.6 billion, up from its previous estimate of $14.33 billion.
Wednesday, November 16, 2011
Another great government investment
"U.S. boosts estimate of auto bailout losses to $23.6 B"
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3 comments:
If you're "holding" stock in Gubmint Motors, you're dumber'n a box of rocks.
In other lefty news, Ohio repealed its newly passed law against collective bargaining for public unions, and now local communities are scrambling to save their firehouses from budget cuts.
I'd laugh if it weren't so sad.
Government-forced alterations to bankruptcy laws that favor current workers and screw bond-holders, shareholders, previous retirees and, especially, pension funds sure are fun, aren't they.
Around Detroit as least a few people realize that GM is still a disaster waiting to happen.
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