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Posted: 4:28 PM Nov 2, 2009
GAO: Full Recoup of Gov't Auto Investment Unlikely
WASHINGTON (AP) -- Government investigators say the U.S. government is unlikely to recover all of its investment in General Motors or Chrysler because the companies' value would need to "grow substantially above what they have been in the past."
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A Government Accountability Office report released Monday is the latest review to cast doubt on the likelihood that taxpayers will fully recoup more than $80 billion invested in the two U.S. automakers.
Treasury officials told the GAO that they are considering initial public offerings or private sales to dispose of the government's nearly 10 percent stake in Chrysler and 61 percent share of GM. But government officials won't say when that could happen because they don't want to undermine the potential return on the investment.
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