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Archive for the ‘Congressional Oversight Panel’ Category

Study: Billions In Industry Bailout Funds Won't Be Repaid

By Nelson Ireson's avatar Nelson IresonNelson Ireson, September 9th, 2009

Study: Billions In Industry Bailout Funds Won't Be Repaid

In a result that surprises no one but ought to shock us all, a congressional panel has released findings that tens of billions of dollars of the U.S. government's bailout of the auto industry won't be repaid.

The report, undertaken by the Congressional Oversight Panel, says that about $5.4 billion of the money borrowed by Chrysler won't be repaid, and it is "highly unlikely" that the government's 61% stake in General Motors will fully repay the $50 billion in funds the company received.

Not all of the money has disappeared, however. Chrysler is good for just over $5 billion of the funds lent, and as long as GM's stock improves in value,...

In a result that surprises no one but ought to shock us all, a congressional panel has released findings that tens of billions of dollars of the U.S. government's bailout of the auto industry won't be repaid. The report, undertaken by the Congressional Oversight Panel, says that about $5.4 billion of the money borrowed by Chrysler won't be repaid, and it is "highly unlikely" that the government's 61% stake in General Motors will fully repay the $50 billion in funds the company received. Not all of the money has disappeared, however. Chrysler is good for just over $5 billion of the funds lent, and as long as GM's stock improves in value,... Read More

Tags: Industry, bailout, government, loans, Funds, Congressional Oversight Panel