Government Bailout of General Motors
Witnesses testified on the federal government bailout of General Motors. During the hearing Republican members accused Ron Bloom of getting … read more
Witnesses testified on the federal government bailout of General Motors. During the hearing Republican members accused Ron Bloom of getting too involved in General Motors' structured bankruptcy and questioned the government’s role in the matter of pensions for Delphi auto parts workers, a GM spin-off company. The federal government recouped about half of the $80 billion dollars devoted to saving the U.S. auto industry. Mr. Bloom acknowledged that the government did not expect to recover all of that money. He suggested however, that financial losses from total failure of GM and Chrysler would have been much greater than any amount taxpayers might lose as a result of the bailout. close
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