Here we have it, straight from Tim “Turbo Tax” Geithner’s staff:
“The real news is the projected loss came down to $30 billion from $44 billion,” Sperling said, noting that auto sales have improved ahead of what many analysts had forecast. The administration still holds out hope that if things improve, the administration could still recover more.
A few weeks ago I wrote about the extreme chutzpah that GM’s management displayed when attempting to portray paying back $6.7 of the nearly $60 billion in taxpayer money they received as a testament to their solid financial footing. Little did I know then that their message spin would look modest compared to the Treasury Department attempting to spin losing $30 billion as good news.
The other half of the pull quote above is also worth noting because Treasury official Sperling points out that auto sales have improved considerably better than forecast… uh yeah, that’s what happens when you give away $3 billion of taxpayer money to car buyers. We’ve gone from “hope” being a campaign slogan to a strategy… brilliant.
When the final version of history is written on $GM I hope it will read as a massive looting of bondholders and taxpayers for the benefit of the UAW.