You're watching...
Government watchdog says taxpayers stand to lose more than originally expected from 2008 financial bailout
Also in this playlist...
Auto-advance: ON
Auto-advance
This transcript is automatically generated
-- is ever going to get better if you thought today's economic news couldn't get worse well you thought wrong listen to this one according to a new government watchdog report -- 2008 financial bailout is going to cost you the taxpayers even more than first predicted.
Why and how much -- are we talking about -- -- finance report Louise story joins us -- what happened with this TARP bailout we're losing more money than we thought.
Lane as the bail out from four years ago and of course most people think that as the bank -- out because a lot of money was used for banks.
But really what you see here now the reason that they are Abbas has predicted have to do with the auto bailout has to do with General Motors.
And ask you also the company called ally financial which was formerly called GMAC and you know G Mac was the lending arm -- Deanna and so.
He's -- -- -- -- perhaps 27 billion or so are predicted now by this inspector general of the bail out.
Are are mainly due to.
The -- investments and -- -- keep in mind these investments were made to try to help.
Keep the economy com keep some auto workers employed who might have lost their jobs without the bail out.
Isn't going to get worse because out in the treasury owns it owns a lot of GM.
And if we if we we so GM right now would be taken to the cleaners -- -- Well you're right it's kind of like.
You know the Treasury Department islands an entire neighbor had a great and if you -- -- -- -- -- -- neighbor had.
On on the market once the price they're gonna go down they're gonna have to trickle our house -- house and they don't move the market.
The other factor here of course is that hurt the Treasury Department to break even on this this inspector general of the balance says that.
You need to sell the GM stock something around seven 71 dollars a share problem is GM's trading right now closer to head 28 dollars a share and sell.
Lot to see the price goes up otherwise there will be these sorts of losses.
-- expanded data last fall -- -- we're going to -- 22 billion on -- now we're in for losing another five -- -- really finally say it's a losing if -- -- -- -- a lot more money it -- -- in these these are huge numbers that we're getting stuck with.
-- any kind of gotten into huge number.
Only and when you had a 700 billion dollar baby not announced straight and say 0888.
A lot of us have lost perspective on -- billion dollar numbers.
-- one last question the GMA she became ally financial and they just have to change your name to hide who they -- is this a legitimate businesses some other business transaction well they did a whole marketing campaign -- their ads out there to it to try to rebrand themselves and many thing to watch that's going on of course is how much of the executives said ally and him are being paid it's the a lot of money inspector -- process.
Please thank -- artist thank him.
