Federal auto bailout losses estimated at $14 billion
The Obama Administration released the more optimistic view of bailout payback prospects in advance of a visit by the President to a Chrysler plant in Ohio. Conveniently, Chrysler last week paid off its $5.9 billion in U.S. loans and $1.7 billion in Canadian loans, putting the bailouts back in the news, albeit with a positive spin. GM, meanwhile, has already paid back more than half its $50 billion in loans, and the government still holds a significant portion of GM stock, which it can sell to further cut the cost of the bailout.
Treasury Secretary Timothy Geithner points to the bailouts as a cornerstone of the resurgence of manufacturing jobs, adding "While we will not get back all our investments in the industry, we will recover much more than predicted."
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