Investment? What Investment...GAO Reports Taxpayers "Unlikely to Recover" Auto-Bailout "Investment" |
Monday, 02 November 2009 09:18 |
“A bailout that was once characterized by President Obama as an ‘investment’ for taxpayers has become the latest in a long-line of losses being absorbed by the American taxpayers. While the Obama Administration claims to institute a ‘hands-off’ approach to running Chrysler and GM, we are learning that other conditions and motivations are being put ahead of the Administration’s responsibility to protect the taxpayers’ interests.”
From GAO auto report (Pages 18 and 19):
“While Treasury has stated that it plans to manage its investments in Chrysler and GM in a hands-off manner and will not interfere in day-to-day operations of the companies, Chrysler and GM will be subject to requirements regarding compensation, expenses, and reporting that other auto companies are not.
For example, as discussed above, each company is subject to certain requirements about the vehicles it is to produce, such as the requirement to produce a portion of its vehicles in the
### |
B350A RAYBURN HOUSE OFFICE BUILDING, WASHINGTON, DC 20515 PHONE: (202) 225-5074 FAX: (202) 225-3974 |
|
STAY CONNECTED | |
PRIVACY POLICY | SITEMAP |