Audit: Taxpayers lose $61B on AIG, auto bailouts (Congress, Obama, insurance)

[sanrene]

Well, isn't this special? And obama wants to throw away another $200 billion that should be slated to bring down the deficit?

Audit: Taxpayers lose $61B on AIG, auto bailouts - Yahoo! News (http://news.yahoo.com/s/ap/20091209/ap_on_bi_ge/us_bailout_extension - broken link)

WASHINGTON – The Treasury Department is acknowledging for the first time that it lost $61 billion on two key programs designed to stabilize the economy after the largest financial crisis in decades.

The government is losing more than $30 billion on lifelines extended to insurance giant American International Group Inc., according to Treasury data released Wednesday in an audit by the Government Accountability Office. It also is losing more than $30 billion on rescues of struggling automakers Chrysler and General Motors.

What a rousing success those auto bailouts were, huh? Democrats own this as well.

So, I guess the $200 billion was not accurate?

This man;

http://d.yimg.com/a/p/afp/20091209/capt.photo_1260370191349-1-0.jpg?x=213&y=141&xc=1&yc=1&wc=410&hc=271&q=85&sig =UEMERuah8qitGsa.Dahd5A-- (broken link)

The "uniquely qualified" tax cheat Turbo Timmy....needs to go.

[denverkid]

Originally Posted by sanrene

Well, isn't this special? And obama wants to throw away another $200 billion that should be slated to bring down the deficit?

Audit: Taxpayers lose $61B on AIG, auto bailouts - Yahoo! News (http://news.yahoo.com/s/ap/20091209/ap_on_bi_ge/us_bailout_extension - broken link)


What a rousing success those auto bailouts were, huh? Democrats own this as well.

So, I guess the $200 billion was not accurate?

Some other quote from the same article:

"Treasury says the losses are offset in part by profits earned from bank bailouts. It says the bank bailouts will net taxpayers $19.5 billion."

"The administration is now projecting the losses to the government from the bailout program will be around $141 billion — $200 billion less than it estimated two months ago."

[floridasandy]

Given the speed at which the federal government is throwing money at the financial crisis, the average taxpayer, never mind member of Congress, might not be faulted for losing track.

CNBC, however, has been paying very close attention and keeping a running tally of actual spending as well as the commitments involved. And there's been quite a jump.

Try $7.36 TRILLION dollars. That's more than double what was spent on WW II, if adjusted for inflation, based on our computations from a variety of estimates and sources.

seriously, where did all the money go?

[HappyTexan]

It's still only a projection. Until all the money is back and accounted for none of their estimates count.
The government underestimates costs and overestimates revenues and paybacks.