A Congressional oversight panel warns taxpayers are facing huge losses on the government’s $81 billion auto industry bailout. Elizabeth Warren, the panel’s chair, discusses the findings.
- The report said that a $5.4 billion portion of the $10.5 billion owed by Chrysler is “highly unlikely” to be repaid.
- Full recovery of the $50 billion sunk into GM would require the company’s stock to reach unprecedented heights.
- The report also recommended that the Treasury Department provide a legal analysis justifying the use of financial rescue funds for the automakers.
- In all, the government has invested $74 billion in the nation’s auto industry.
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