Phony accounting indeed! As I've said before, the auto bailout hasn't been repaid, and hasn't been a success (especially when you include all the wealth destroyed at the dealer level - but they probably had it coming in a way).
Washington Post today has an article on the "phony accounting" of the auto bailout by the current administration. With Chrysler, the UAW still owns 46% of the company. How that's supposed to fix anything I'm not sure.
The WSJ has an article about this as well (linked in the main piece).
The real cost of the bailout? You've read it here before: government's perversion of the bankruptcy laws will have long-term ripple effects that may collapse certain parts of the capital market. That should sound like a big deal!
Washington Post today has an article on the "phony accounting" of the auto bailout by the current administration. With Chrysler, the UAW still owns 46% of the company. How that's supposed to fix anything I'm not sure.
The WSJ has an article about this as well (linked in the main piece).
The real cost of the bailout? You've read it here before: government's perversion of the bankruptcy laws will have long-term ripple effects that may collapse certain parts of the capital market. That should sound like a big deal!
