The Lonely Conservative gives us, and our wallets, the BAD NEWS!
The Treasury Department has increased the estimate of the losses incurred by United States taxpayers in the bailout of the auto industry. They didn’t increase it just a little bit, either. According to Detroit News it went from $14.33 billion to a whopping $23.6 billion.
The big increase is a reflection of the sharp decline in the value of GM’s share price.
The current estimate of losses is based on GM’s Sept. 30 closing price of $20.18, down one-third over the previous quarterly price.
GM’s stock closed Monday at $22.99, up 2 percent. The government won’t reassess the estimate of the costs until Dec. 30.
The government has recovered $23.2 billion of its $49.5 billion GM bailout, and cut its stake in the company from 61 percent to 26.5 percent. But it has been forced to put on hold the sale of its remaining 500 million shares of stock.
You know, at least the government could maybe buy us dinner before they screw us, of course, that might be a bad deal too, since Michelle Obama would likely be telling us what to eat!