The much-debated bailout of Detroit is finally nearing an end after four years — and it looks like the ultimate cost to taxpayers will be between $10 billion and $20 billion.The notion that Obama is some sort of socialist was always bizarre.
Having already disposed of its stake in Chrysler, the Treasury Department announced Wednesday that it is now planning to sell its 500 million shares of General Motors stock. The company is buying back 200 million of those shares for $5.5 billion, while the Treasury is developing a plan to sell the rest over the next 12 to 15 months. . . .
Though the auto bailout is likely to produce a financial loss for the federal government, it was part of a financial rescue that far exceeded expectations. Treasury has recouped 90 percent of the $418 billion it invested in banks, autos and other firms as part of the overall financial bailout.
Thursday, December 20, 2012
So Much for Socialism
Today's news from the bailout: