Government Motors: As GM shares near record low, taxpayer loss on bailout rises to $35 billion

[Dammy]

http://news.investors.com/article/6...ailout-taxpayer-loss-rises-as-shares-fall.htm

But that's not the full tally. Obama let GM keep $45 billion in past losses to offset future profits. Those are usually wiped out or slashed, along with debts, in bankruptcy. But the administration essentially gifted $45 billion in write-offs (book value $18 billion) to GM. So when GM earned a $7.6 billion profit in 2011 (more on that below), it paid no taxes.​

Include that $18 billion gift, and taxpayers' true loss climbs to nearly $35 billion.

Of course, there's no chance that the Obama administration will sell off its GM stake before Election Day. That would force Obama to recognize actual losses, which would remind voters that the bailout was a massive transfer from taxpayers to unions.​

​

 

[robert l. bentham]

Mitt Romney: 'I'll Take A Lot Of Credit' For Auto Industry Recovery​

"I pushed the idea of a managed bankruptcy," ​

Romney said​

. "And finally, when that was done, and help was given, the companies got back on their feet. So I'll take a lot of credit for the fact that this industry's come back."​

http://www.huffingtonpost.com/2012/05/08/mitt-romney-auto-industry_n_1498520.html