In retrospect....it was still a bad idea

According to a new congressional oversight report, the federal government is unlikely to recover the billions of dollars invested in GM and Chrysler as part of the auto industry bailout.

The Washington Post reports:

"The report said that a $5.4 billion portion of the $10.5 billion owed by Chrysler is "highly unlikely" to be repaid, while full recovery of the $50 billion sunk into GM would require the company's stock to reach unprecedented heights.

"Although taxpayers may recover some portion of their investment in Chrysler and GM, it is unlikely they will recover the entire amount," according to the report, which is scheduled to be released Wednesday.

The report also recommended that the Treasury Department act with more transparency and provide a legal analysis justifying the use of financial rescue funds for the automakers. The report was prepared by the Congressional Oversight Panel, which is overseeing the federal bailout programs."

Are you thinking what I'm thinking? Wouldn't it have been nice to have this report done BEFORE Congress had decided that all of us should invest in those failing companies?