Congressional Oversight Panel charged with oversight of America's $ 700 billion federal bailout Fund recognizes that it is still not sure if it will be saved in the auto industry in the long term, according to The Detroit News. As you may recall, the $ 700 billion was divvied among banks, insurers and General Motors and Chrysler, among others.
According to the group, the Treasury had no specific goals for $ 85 billion it has given automakers, so it is difficult to assess the success of the loan in the long run. It now appears that the crisis has worked with GM and Chrysler as placing their first profit in years in 2010.
Last year, GM made 6.2 billion profit – his first year in the black since 2004. Chrysler was also able to profit, and Ford, which did not take any money from the Government of 6.6 billion profit.
In its final report 236-page Oversight Group also reduced its estimate of how much money crisis would cost taxpayers $ 40 billion to $ 17 billion.
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