Auto Bailout Cost Jumps to $25 Billion

[Valin]

NRO/The Corner:

Patrick Brennan

8/13/12

 

A new report from the Treasury Department reveals a predictable outcome: Government investments, and investments in American auto companies, generally turn out to be losing bets. When you manage to combine the two, this is what you get, per the Detroit News:

 

The Treasury Department says in a new report the government expects to lose more than $25 billion on the $85 billion auto bailout. That’s 15 percent higher than its previous forecast.

 

In a monthly report sent to Congress on Friday, the Obama administration boosted its forecast of expected losses by more than $3.3 billion to almost $25.1 billion, up from $21.7 billion in the last quarterly update.

 

The report may still underestimate the losses. The report covers predicted losses through May 31, when GM’s stock price was $22.20 a share.

(Snip)

 

 

What A Shock!

[clearvision]

It's just chump change.