Obama Car Czar: We never said taxpayers would get GM bailout money back

Steven Rattner, Obama’s Car Czar, was asked by CNBC if the taxpayers would get paid back by GM. He replied:

No, but we never said the taxpayer was gonna get paid back. We put 82 billion into the car industry as a whole. We will get back all but 14 billion plus or minus of it. But in return for that we saved 2 million jobs in the Midwest and two great American companies. You compare that to the $875 billion dollar stimulus program or the trillions of dollars of QE1,2,3.

I think the tax payers got a good deal.

Here is Obama saying “We are going to get back all the money that we invested in those car companies” (just the beginning portion):

I guess he didn’t mean ‘all of it’, just most of it. I wonder where that 4 billion went?

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  • Anonymous

    So, GM at 4 Billion dollar loss was a “better investment” than the stimulus, QE 1, 2 and 3 where the loss was trillions of dollars? He says the taxpayers got a good deal?

    I wish I had a mind like that. Why I’d probably re-elect a bed-wetter, sign up for an EBT card, grab a beer and go find me a baby-mama.

    It must be great to be a Democrat-American!

    • Anonymous

      Must be. But I couldn’t take the self loathing, I’d want to blame everybody else for my problems. Take George W. Bush for example…….

    • I thought the both said 14 billion, but what the hey! What’s 10 billion.

  • Joe

    And – You are surprised at yet another lie?

    The Republican candidate should simply run ads about all the lies and BS Odumbo
    has stated

    This should be a no-brainer!

    • Anonymous

      More of a “no-brainer” than you think. They are not going to attack Obama on a large scale. I hope I am proved wrong.

  • Joe

    Steven RATner – like democ RAT ner

    from the Planet OUTTHEREIUS

    • Anonymous

      He totally looks like someone being told what to say….

      You can tell the difference between men and women of integrity who stand on their own merit. They can look straight into the camera with a twinkle in their eyes.

      Rattner does not have that kind of look…

  • Anonymous

    “I guess he didn’t mean ‘all of it’, just most of it. I wonder where that 4 billion went?”

    …It went to the Obama’s reelection fund, like the lost billion from MF GLobal!

    I’m starting to live in a cynical world…

    • Anonymous

      Well gee. Going to the Obama reelection fund. That’s kinda like being returned to the people, in Hugo Chavez sorta way. Ain’t we lucky?

    • Anonymous

      “It went to the Obama’s reelection fund, like the lost billion from MF Global” and all the money raised by OWS. And the money from the drone that Obama sold to Iran….

    • Anonymous

      Hey, he said his family would be alright.

    • Welcome to the world. I’ve been here for quite a while.

  • The last time I ran the numbers, the Treasury was due to lose somewhere north of $12 billion on Government Motors. The stock has slipped since then.

    BTW, tomorrow, the UAW will have officially turned a profit in driving GM into bankruptcy and government ownership.

  • Anonymous

    If GM were allowed to have all its debt cancelled, all its bond holders wiped out and could force labor to agree to terms they never had done before, GM could have survived all on its own. Today’s GM product line is not much different than what they had in 2008. One could argue that if GM had gone through bankruptcy, it would have come out a stronger company.

    • Anonymous

      As GM stands – Government Motors – I refuse to buy any vehicle from them.

  • KM

    So many lies from this administration, that they can’t keep up either… Right now, I would vote for a skunk before I ever thought about voting for anyone with a “D” next to their name.

  • Anonymous

    psht…what’s a measly 14 billion plus or minus to tax payers anyway? Mere chump change a veritable hill o’beans. Apparently the only requirement to become an Obama Czar is the inability to do math.

  • Anonymous

    I can’t even watch this , being a bond -holder loser in the GM bailout!!!!! And the afl-cio guy says he paid too much already. I feel that way too , but I’m broke and he’s not. The former tsar can not be more interested than I am. If he would like to debate me over this issue , I would gladly except a one-on-one discussion of what this has meant to the bond holders of a previously prosperous company, that the BO administration has ruined.

  • Anonymous

    Where is the 4 billion? Nope, I want to know exactly where the 82 billion came from and exactly where the 78 billion went back to. Is there a giant Guberment ATM out there that Mr Car Czar goes to weekly? Whenever they tell us the public taxpayer got all their money back, I run to the mailbox and wait in the rain. Haven’t seen it yet. And the debt clock keeps ticking.

    • Anonymous

      Corzine swears he doesn’t have it.

    • Anonymous

      Once government money gets mixed up with a company, I never believe their financial statements anymore. Anytime they claim they have “repaid” their debt you can be sure it is an accounting gimmick. Didn’t GM use bail out money to pay off debt? BTW, free market is speaking. GM stock is trading at half of its IPO.

      • Anonymous

        Yes, when the big two took the bailout and Ford chose not to, I decided to back Ford. Bought them at $2 when they bottomed out and resold it at $16.

        Bailout, schmailout.

      • In GM’s case, I was able to identify that the post-bankruptcy $6.71 billion “loan” was “paid back” with TARP money, specifically with repurposed DIP financing. I classified that as a “flash money” loan and didn’t include it in either what was given to them or what was returned to the Treasury. There also was an unknown amount of interest on the GM loans that was “paid back” with TARP money.

        In Chrysler’s case, it is a bit clearer. They effectively refinanced $3.5 million in TARP loans with lower-interest-rate Energy Department loans that were orignally designed to modernize assembly plants for fuel-efficient/”green” cars. However, both Fiat and former owner Cerebus did plunk down actual cash to pay back the parts of the Chrysler loans the Treasury wanted repaid (which wasn’t exactly the entire amount), and the interest paid post-bankruptcy was from Chrysler/Fiat’s pockets.

        I also do not know the source of the payments on the warranty-related loans made to both GM and Chrysler.

  • Anonymous

    Everybody is looking at this wrong, not seeing the BIG picture. The Chevy volt will, by itself, repay the debt. Why just the other day I read where they are selling nationally, about 3-400 per month. Oh, I forgot, we are subsidizing each buyer to the tune of $7,500.00, never mind.

  • PFFV

    I thought it was funny when GM ran a commercial touting they paid back all the taxpayers money a few months back. I guess $4 Billion is nothing these days. The USA is doomed to failure if Government is going to pick the winners and losers as it is doing today.

    We borrow Trillions from China then turn around and give them foreign aid, just as ridiculous. We pay interest on borrowed $ and give it away to the nation we borrowed it from? How stupid do they (Govt) think we are? Apparently very stupid.

    Let the indoctrination continue!

  • Only $4 Billion of the $20 Billion obama seized from BP has been accounted for the oil cleanup costs. Did he give the rest of it back? No.

    • Anonymous

      First of all that was meant to be only $5 billion/year for 4 years, so that they could recoup it in taxes. BP actually was supposed to make money on that entire $20 billion fiasco. Sounds like another bailout, under the keel.

  • Anonymous

    wow.. unreal. worst adim in american history.

  • This twerp’s name says it all. Also, don’t be shocked when death panels show up in obummer care.

    • Anonymous

      they already have. i refer to the mark levin show in nov. a brain surgeon out of chicago called in to the show. HHS now refers patients as units. anyone over 70 will be given comfort measures only.

      • Anonymous

        Scoop posted the clip of Mark’s 11/22 call with the neurosurgeon regarding panels.

  • Anonymous

    For those who do not get the nominee you want just listen to these crooks and maybe you will be persuaded to get your ass to the polls!

  • More marxist math. If this maroon was in my homeschool- he’d be standing in the corner with a dunce cap on. Then, at the end of the day, he’d write, “I will never lie again..” 5 thousand times on the chalkboard. Then, for the rest of the evening, he’d recite the 10 Commandments and write a 10 000 word composition describing what the Lord meant by THOU SHALT NOT STEAL.

    • Anonymous

      How about the three Our Fathers and three Hail Marys?

      • LOL- I’m not Catholic NY, but I’d have him say them before he could go to bed, you can bet on that!

  • Anonymous

    Car Czar sounds soooo bizarre….

  • A minor correction on the rush transcript is in order. It certainly sounds like Rattner said “…all but $14 billion” in between an off-camera cough.

  • Anonymous

    “Only 14 Billion”? I think we sonetimes evidence a disconnect between numbers that big and the way we think about them. For example, if we took that “only 14 billion” and divided it up among the citizenry, everyone could put 5 – 600,000 dollars in their piggybank. Don’t know about you, but that gives me a whole new attitude about this administrations fondness for “only trillion dollar deficits…..