Did you think automotive companies had paid back their bailout bucks? They pulled off that trick with new bailout loans. Good news got the early press, but the bad news can never be avoided. Automakers just aren't a good investment for Uncle Sam:
This story was published at 9:25PM EDT, after market hours. The MSM seems to be pretty determined to keep things like this out of the headlines, in the hope that the incumbent party won't be hurt in November's elections. Much of the money that you (the taxpayer!) are funneling into this debacle goes right to the Teamsters for their get-out-the-vote campaign. I'm pretty sure that I predicted back in late 2008 on this blog that capital allocation in America would be very politically bent from now on.
I am cynical and brilliant. Thank you very much for noticing.
Full disclosure: No position in any automaker's stock.
The Treasury Department said Monday it will lose $1.6 billion on a loan made to Chrysler in early 2009. Taxpayer losses from bailing out Chrysler and General Motors are expected to rise as high as $34 billion, congressional auditors have said.
This story was published at 9:25PM EDT, after market hours. The MSM seems to be pretty determined to keep things like this out of the headlines, in the hope that the incumbent party won't be hurt in November's elections. Much of the money that you (the taxpayer!) are funneling into this debacle goes right to the Teamsters for their get-out-the-vote campaign. I'm pretty sure that I predicted back in late 2008 on this blog that capital allocation in America would be very politically bent from now on.
I am cynical and brilliant. Thank you very much for noticing.
Full disclosure: No position in any automaker's stock.
