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Treasury boss says U.S. Committed To Getting Out Of Auto Business
date: April 28, 2011
SOURCE:The Detroit News
U.S. Treasury Secretary Timothy Geithner told the Detroit Economic
Club Thursday that the government remains committed to getting the
bailed-out auto companies back in the hands of private control as soon
as possible, while still balancing the need to get back as much of the
taxpayers' money as possible. Geithner did admit that while the
financial rescue program that saved banks and other parts of the
financial system will make a profit, the government will lose money on
the auto bailouts. However, he said the main focus of the financial aid
to General Motors and Chrysler was to save jobs.
"We try to
balance two objectives: one is to get these companies back in private
hands as quickly as we can … but we also want to recover as much of
taxpayer money as possible, "Geithner said. "We didn't do these things
to maximize returns. We did them to save jobs."
Earlier in the day, the secretary visited Chrysler Group LLC's
Jefferson North Assembly Plant in Detroit with CEO Sergio Marchionne.
Brian J. O'Connor
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