- Mar 17, 2011
Report: Fund oversight panel says jury still out on auto bailouts
According to the panel, the Treasury had no specific goals for the $85 billion it gave automakers, so it will be hard to gauge the success of the loan in the long term. For now, it would seem that the bailout worked, with GM and Chrysler both posting their first profits in years in 2010.
Last year, GM cleared a $6.2 billion profit – its first year in the black since 2004. Chrysler also managed a profit, and Ford, who didn't take any money from the government, ratcheted a $6.6 billion profit.
As part of its final 236-page report, the oversight panel also reduced its estimate of how much money the bailout would cost taxpayers, from $40 billion to $17 billion.
[Source: The Detroit News | Image: Mark Wilson/Getty]