Congressional Report Says Taxpayer Dollars Were Sacrificed To The Automakers

A report released in Washington on Wednesday questions the government's handling of its $85 billion auto bailout, claiming taxpayers lost $600 million when the Treasury sold its interest in Chrysler Financial.

The Congressional Oversight Panel, charged with monitoring the $700 billion bailout fund for banks and the auto sector, said the Treasury Department may not have been vigilant enough in watching over its investment.

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uaw_lax - 1/13/2011 2:23:27 PM

-3 Boost

009 is at it again man you have more spin than a Maytag. If you READ the story and the REAL tittle and not the one you spun on permanent press 009 the loss of money came from the timing of the government unloading it's assets not due to overall operations and functioning of the US automakers.

"Treasury's hasty unwinding of its position in Chrysler Financial, in which taxpayer returns appear to have been sacrificed in favor of an unnecessarily accelerated exit, (was) further compounded by apparently questionable due diligence," the report said. The report estimated Treasury lost $600 million in its early sale of its Chrysler Financial."

From The Detroit News: http://detnews.com/article/20110113/AUTO01/101130326/Congressional-report-critical-of-auto-bailout#ixzz1AwdupSHc

uaw_lax - 1/13/2011 2:31:44 PM

-3 Boost

http://www.businessweek.com/news/2011-01-13/auto-bailout-promising-amid-moral-hazard-panel-says.html

Steve - 1/13/2011 3:14:52 PM

+2 Boost

Oh my GAWD! How could that be? I thought The Government was giving away it's *own* huge piles of money in the form of bail-outs. I'm pretty sure that this redistribution of debt and losses from failing giant enterprises to the backs of tax-payers was not done intentionally.

internationalmanofmystery - 1/14/2011 11:14:02 AM

+1 Boost

Ha-ha And THAT report cost $5 billion to produce. Waa?? Making copies is expensive, not to mention stapling all those pages together..