Obama will not fix your car
Second Deputy Under-Assistant Car Czar Ron Bloom let it be known yesterday that the car companies the government controls are once again responsible for their own warranty coverage:
Toward the beginning of the restructuring process, the Auto Task Force implemented a Warranty Program to give confidence to GM’s and Chrysler’s customers during a period of substantial uncertainty regarding the outlook for the companies. With the successful emergence of the new companies, consumers can now feel assured that the companies have the financial wherewithal to meet their warranty commitments on a continuing basis. As such, the Auto Task Force determined that it was appropriate to end the Warranty Program. I am happy to report that $641 million invested in the program has been returned to United States Government along with interest payments on the program. This achievement represented a prudent short-term use of taxpayer funds.
Of course, $641 million compared with the untold billions poured into these particular ratholes corporations — well, let’s see if the bank will take $2.69 toward my mortgage payment next month.
Still, we should hope Mr Bloom’s confidence is not misplaced, if only because it would be nice to get some sort of return on, um, investment.
(Via The Truth About Cars.)
