Geithner Says Treasury Faces Losses From Autos, AIG (Update4)

By Rebecca Christie and Robert Schmidt

Dec. 10 (Bloomberg) -- Treasury Secretary Timothy Geithner said the government is unlikely to recoup its investments in insurer American International Group Inc. or the automakers General Motors Co. and Chrysler Group LLC.

Geithner, in testimony today before the Congressional Oversight Panel, also said he chose to extend the $700 billion Troubled Asset Relief Program to give the Obama administration more time to unwind its bank-rescue efforts. The economy faces “significant headwinds,â€