There’s a been some seriously bad news for GM lately. Oddly, this isn’t getting much coverage in the LSM. Does that fact have anything to do with the way Obama tries to claim he saved it? The Detroit News reports,
The Treasury Department says in a new report the government expects to lose more than $25 billion on the $85 billion auto bailout. That’s 15 percent higher than its previous forecast.
In a monthly report sent to Congress on Friday, the Obama administration boosted its forecast of expected losses by more than $3.3 billion to almost $25.1 billion, up from $21.7 billion in the last quarterly update.
The report may still underestimate the losses. The report covers predicted losses through May 31, when GM’s stock price was $22.20 a share.
On Monday, GM stock fell $0.07, or 0.3 percent, to $20.47.
View original post 254 more words