Story Created:
Nov 3, 2009
Story Updated:
Nov 3, 2009
Thank you, sir, may I have another one please!
On the same day that Ford -- the one member of Detroit’s Big Three that did not receive a taxpayer bailout -- reported a quarterly profit of nearly $1 billion, a government watchdog warned that taxpayers are unlikely to recoup all of the $81 billion the Treasury Department has invested in General Motors and Chrysler.
**
Stay bent over.
CIT group, America’s leading specialist lender to small business, filed for Chapter 11 late last night in the fifth biggest bankruptcy in US history.
The collapse of the 101-year-old Utah-based lender, which trails behind only those of Lehman Brothers, Washington Mutual, Worldcom and General Motors in size, will leave US taxpayers with a $2.3 billion (£1.4 billion) bill.
Wednesday, Nov 4 at 6:44 AM MADDOG wrote ...
I believe ijeff is correct.
31562659 Flag for moderationWednesday, Nov 4 at 6:32 AM ijeff wrote ...
At some point the American people will realize that their over-taxed incomes are subsidizing auto union worker benefits. There will be a massive backlash. The tea parties we have already seen will only be a blip compared to what lies ahead. I can't escape the feeling that we are about to see a massive tax revolt not seen in our lifetimes over the next couple of election cycles. Both parties have been careless with our money. Democrats have been unconscionably so.
31562114 Flag for moderationWednesday, Nov 4 at 5:39 AM Phil-Oshkosh wrote ...
Ford just became a bigger target.
31560566 Flag for moderationTuesday, Nov 3 at 4:04 PM Walt wrote ...
Well of course we aren’t getting our $81 billion dollars back; after all you have hundreds of thousands of UAW employees, AND RETIREES that are EXPECTING to have their lavish retirement and medical plans maintained till the day they die. I mean after all it takes a lot of money to own a home in Michigan and a condominium in Florida for the summer months. You can’t expect them to live up North as they get older, too hard on the arthritis. Teachers exploit our tax money, why not them.
31536614 Flag for moderationTuesday, Nov 3 at 12:55 PM LD wrote ...
Oh, if only it were a "mere" $81 Million. It's Billion, with a 'B' as in Barack....
31525994 Flag for moderationTuesday, Nov 3 at 11:38 AM James wrote ...
I love the spin about the car companies when they say we are unlikely to recoup all of the $81 million. It realistically should have read we are unlike to recoup ANY of the $81 million. Every quarterly and annual net loss of both these companies will be picked up by the taxpayers so long as the administration is out redistribute wealth to the UAW.
31521171 Flag for moderationTuesday, Nov 3 at 10:54 AM 8rent wrote ...
So, the bailout was actually a federal grant to union workers? I'm shocked, shocked!
31518404 Flag for moderationTuesday, Nov 3 at 10:24 AM Mombo Napolitano wrote ...
Let the market work, instead of letting The Marxist work. (including, letting failing businesses fail)
31516571 Flag for moderationAdd a comment
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