A Fair Price? Car Czar Says Taxpayers Only Lost $14 Billion On Auto Bail Out

American taxpayers will lose about $14 billion on the $82-billion investment to restructure General Motors, Chrysler and Ally Financial, former auto czar Steven Rattner told the Detroit Economic Club Thursday.

"It's unambiguous that it was a success," said Rattner, acknowledging his inherent bias because he led the effort. He said at the time there were no private sources of capital to finance in a bankruptcy for either GM or Chrysler. Fast action was essential. And at least 500,000 jobs were at stake when suppliers, dealerships and other vendors were included, he said.

Read Article

internationalmanofmystery - 12/16/2011 10:31:15 AM

+5 Boost

If "...(losing) $14 Billion On Auto Bail Out" is as Rattner says "...unambiguous that it was a success" then as the manager of billionaire Michael Bloomberg's personal fortune, Bloomberg might want to audit this guy on a DAILY basis!! Wouldn't want him around MY money!!!

vdiv - 12/16/2011 2:40:24 PM

+3 Boost

It this the same clown that is on MSNBC's Morning Joe's all the time? Wonder what qualified him to be the "Automobile Czar"...

Ah yes, he hates the sole notion of people having one.

MeanVulcan - 12/19/2011 2:25:53 PM

+2 Boost

qualifications:
- 5 years of experience in unethical dealings
- sympathetic to unions
- trained in ignoring compliance regulations
- agree with philosophy "its easy to spend when its not my money"
- strong supporter of "scratch my back, I'll scratch yours"
- failed math at every level
- be a complete idiot!
- expert in denial and hypocracy
- have an ultralow performance standard
- prefer a candidate with community organizational skills

DWONGSWONG - 12/17/2011 4:04:48 AM

+3 Boost

It does not matter what GOP or DEM name you put as the group that bailed out the car companies and banks. It should never have happened. Only government can say losing $14 billion was a success. The bailout for the car companies were for union votes. The bailout for the banks were for the Wall Street donations. Government is less about representation and more about cronyism.
I'm a legal immigrant that has seen the decline of the greatest nation in the world. It is these career politicians, with no to little world or business experience, that is ruining our and our children's future. They spend our money like it grows on trees, and we keep voting them back in. There should be term limits for all representatives. No one can serve more than two terms. Maybe then, we have to vote for someone different every few years.

MeanVulcan - 12/19/2011 2:18:34 PM

+2 Boost

It's unambiguous that Ruttner is a f$*@@! idiot!

Maybe if he lost $14B of HIS OWN MONEY he would not find it easy to say it was a "success"! This mentality is what has defined Washington DC politics for the last half century! This is why government has NO BUSINESS in BUSINESS other than providing a basic set of rules that serve to grow business and protect the consumer.

And GM/Chrysler had no business in begging for taxpayer funded (not approved) bailouts. This is why I'm not buying any GM/Chrysler products in my lifetime.