Treasury Boss Says U.S. Committed to Getting Out of Auto Business
DETROIT - 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, reported The Detroit News.
"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."
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