Treasury announces exit strategy for
U.S. Motors (GM)
The Obama administration forced GM and Chrysler into
bankruptcy as a condition of getting additional government aid. The
administration forced out GM CEO Rick Wagoner and forced a tie-up with Fiat.
The Treasury has said it expects to
lose $24.3 billion on the $85 billion auto bailout.
Treasury also holds a 74 percent
stake in Ally Financial Inc., the Detroit-based auto lender, as part of a $17.2
billion bailout.
Last year, the government exited
Chrysler Group LLC and booked a $1.3 billion loss on its $12.5 billion bailout.
From The Detroit News:
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