Taxpayers will lose about $14 billion on the $82 billion investment to restructure General Motors, Chrysler and Ally Financial, former auto czar Steven Rattner said Thursday.
“It’s unambiguous that it was a success,” Rattner told the Detroit Economic Club, 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.