General Motors, trying to clear the stigma of being partly owned by the U.S. government, will spend $5.5 billion to buy back 200 million shares of its stock from the treasury.
Romney negotiated a $10 million federal bailout for his company, but has called for foreclosures to be allowed to “hit bottom” and letting Detroit go bankrupt.
President Obama says those who opposed government aid to the auto industry are “rewriting history.”
“Where this got all messed up is when the government and the executive branch started rewriting the rules (to) whatever they wanted,” said Pete Hoekstra, one of several Republicans vying to take on Democratic incumbent Debbie Stabenow.
President Obama’s former car czar Steven Rattner,says the government should hang on to its stake in General Motors, even if it’s not the politically expedient thing to do.
The Obama administration says the government will lose less than 20 percent of the $80 billion used to bail out the U.S. automobile industry.
Congress’ independent budget agency says the cost to taxpayers of the contentious $700 billion financial rescue has dwindled down to $25 billion.
The Dow Jones industrial average lost 200 points, dipping below 11,000 for the first time in nearly a month.
The $700 billion U.S. bailout program launched in response to the global economic meltdown had a far greater impact overseas than other countries’ financial rescue plans did on the U.S., according to a new report […]
Speaking in Detroit on Friday, President Barack Obama heralded the recent turnaround for U.S. automakers, arguing that thousands of jobs and increased production vindicate his unpopular decision to bailout the industry.
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