"Report questions GM, Chrysler aid" by Bloomberg News | September 10, 2009
WASHINGTON - Taxpayers are unlikely to recover their $81 billion investment in General Motors Co. and Chrysler Group LLC and were “left in the dark’’ on specifics of the decision to aid automakers, a congressional panel said.
Of course, it was YOUR MONEY, taxpayer! WHAT RIGHT DO YOU HAVE to KNOW WHERE IT IS GOING, huh?
Related: GM's $30 BILLION Dollar Getaway
Slow Saturday Special: GM Hides $2 Billion in the Back Seat
Welcome to the Government Motors Showroom!
Yup, YOU BOUGHT the company but you have NO CONTROL over it, 'murkn!
The Treasury Department should consider placing its GM and Chrysler stakes in an independent trust to prevent “political pressure and government interference,’’ the Congressional Oversight Panel said yesterday.
The report did not estimate how much of taxpayers’ aid to the auto industry will be recovered. The panel said GM stock would need “highly optimistic’’ returns for the full investment to be repaid.
The panel, which oversees the government’s $700 billion Troubled Asset Relief Program, raised questions about the Obama administration’s transparency in aiding automakers and challenged the Treasury Department to make more disclosures about company decisions.
Yeah, well, most of the public has come to the conclusion this guy is as big a liar and no different than Bush. That's why his poll #s are dropping.
“Congress and ultimately the American taxpayer have been left in the dark concerning details of Treasury’s review process and its methodology and metrics,’’ the panel said.
Treasury Secretary Timothy Geithner said the government’s restructuring role gave it access to company information that normally would not be available.
Elizabeth Warren, a Harvard Law School professor who heads the oversight panel, said there is “a good chance’’ the portion of taxpayer dollars invested in the automakers’ restructuring plan will be recovered. “It really depends on what happens to the auto industry,’’ Warren said.
What the hell is she smoking, and why won't she share?
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