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12-10-2009, 11:39 PM #1
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Treasury Faces Big Losses From Autos And AIG
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€Join our efforts to Secure America's Borders and End Illegal Immigration by Joining ALIPAC's E-Mail Alerts network (CLICK HERE)
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