Related: GM Getaway Car Hauls $81 Billion in Tax Loot Away
So ONCE AGAIN the AmeriKan MSM either minimizes, obfuscates, or lies about.... whatever!
"Full recovery of auto investment unlikely" by Ken Thomas and Stephen Manning, Associated Press | November 3, 2009
WASHINGTON - Taxpayers are unlikely to recover their full investment in General Motors or Chrysler, government investigators said yesterday in the latest review to cast doubts that the government will recoup the $80 billion it poured into the two automakers.
And you WON'T EVEN GET a PARTIAL RETURN from THOSE LOSERS, America!
Related: Slow Saturday Special: GM's Government Grants
Oh, but EXECUTIVE PAY is going to be RESTORED, huh?
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....
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.
It's OFFICIAL, AmeriKa! You are now a FASCIST NATION!!!
Of course, BANKS don't see the SAME SCRUTINY, do they?
And what is with the LYING, huh?
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.
More SHELL GAME SHENANIGANS that were intended to SCREW YOU from the START, taxpayers!
Treasury officials said they were considering a series of initial public offerings to dispose of the government’s 61 percent stake in GM. For Chrysler, a private sale of the government’s nearly 10 percent stake is more likely because of the government’s minority ownership.
You know what else gets disposed off, 'murka?
GM would need a market capitalization, or the market value of the company’s outstanding shares, of $66.9 billion for Treasury to make its money back, according to GAO. GM’s peak market value was $57 billion in 2000. Chrysler, which was last publicly valued at $37 billion in 1998 when it merged with Daimler AG, would need a market value of $54.8 billion....
I don't think either one is worth that much now -- and never was!
The administration has said it is confident it can recover the bulk of its investment in the GM and Chrysler restructurings.
LYING just comes SO EASY to GOVERNMENT, doesn't it?
GM spokesman Greg Martin said, “If we get our job done, the government has an excellent chance of getting a return on its investment.’’
So where are the factories being moved now?
Chrysler declined to comment. Treasury officials reiterated that they don’t plan to be involved in the companies’ day-to-day management. But as a major creditor and equity holder, Treasury is closely scrutinizing the financial well-being of Chrysler and GM....
It's called BEING a BACK-SEAT DRIVER and NO ONE ever LIKES THEM!
