American taxpayers will lose about $14 billion on the $82-billion investment to restructure General Motors, Chrysler and Ally Financial, former auto czar Steven Rattner told the Detroit Economic Club Thursday.
"It's unambiguous that it was a success," said Rattner, acknowledging his inherent bias because he led the effort. He said at the time there were no private sources of capital to finance in a bankruptcy for either GM or Chrysler. Fast action was essential. And at least 500,000 jobs were at stake when suppliers, dealerships and other vendors were included, he said.
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