The taxpayers’ investment in the U.S. auto industry rose to $80.3 billion, after the U.S. Treasury provided a new $30.1 billion bankruptcy loan to General Motors (GMGMQ: undefined, undefined, undefined%) on Wednesday, two days after GM filed for bankruptcy, a new Treasury report said.
The funding amounts, through 15 transactions since December, total more than 10% of the $700 billion in bailout money Congress approved for the Troubled Asset Relief Program, or TARP, in October, when it was expected to help stabilize mainly banks.
The new accounting, detailed in a regular TARP report the Treasury posted to its Web site late Friday, shows the government more than doubled its commitment to the industry in a month, with the new loans in bankruptcy for GM; $3.8 billion in bankruptcy financing for Chrysler; and another $7.5 billion investment in GMAC, the troubled former auto finance division of GM, among other auto industry-related transactions.
The $30.1 billion investment had been expected after GM filed for Chapter 11 bankruptcy protection. - FOX News Story
So this is how Obama is helping the Economy? hmmmmmm
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