U.S. Treasury Loses $11.2 Billion In Accounting Of GM Bailout –

U.S. Treasury Loses $11.2 Billion In Accounting Of GM Bailout – National

Detroit Free Press reports the U.S. Treasury lost $11.2 billion in taxpayer money from the rescue of General Motors back in 2008, up from the $10.3 billion estimated after the agency sold its remaining shares back in early December 2013. Part of the final figure came as a write-off of an $826 million “administrative claim,” which was found in a report by the Office of the Special Inspector General for the Troubled Asset Relief Program. The overall figure pales in comparison to the $50.2 billion given by both Bush and Obama administrations between 2008 and 2009 to GM as the automaker struggled through its financial crisis at the onset of the Great Recession.

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Commission of Audit unveils radical blueprint to shrink government |

Commission of Audit unveils radical blueprint to shrink government | World news | NewsWire
The Commission of Audit was charged with bringing national spending under control. Photograph: Dave Hunt/AAP

Australians would pay more for health and education and receive lower payments for unemployment, pension, family, childcare and parental leave over time under a radical blueprint to shrink the role of government that foreshadows the Coalition's resolve to deliver a deep "pain" for long-term economic gain in its first budget, due in two weeks.

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Commission of Audit unveils radical blueprint to shrink government | World news |

Commission of Audit unveils radical blueprint to shrink government | World news |
The Commission of Audit was charged with bringing national spending under control. Photograph: Dave Hunt/AAP

Australians would pay more for health and education and receive lower payments for unemployment, pension, family, childcare and parental leave over time under a radical blueprint to shrink the role of government that foreshadows the Coalition's resolve to deliver a deep "pain" for long-term economic gain in its first budget, due in two weeks.

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Commission of Audit report: key points |

Commission of Audit report: key points | World news | NewsWire
The chair of the Commission of Audit, Tony Shepherd, during the lockup at Parliament House in Canberra Photograph: AAP

Privatisation

The commission recommends the privatisation of ten major entities, including Australia Post, the Australian Mint, Snowy Hydro and the Australian Submarine Corporation. It also proposes that a raft of agencies be abolished, merged and reworked.

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Commission of Audit report: key points | World news |

Commission of Audit report: key points | World news |
The chair of the Commission of Audit, Tony Shepherd, during the lockup at Parliament House in Canberra Photograph: AAP

Privatisation

The commission recommends the privatisation of ten major entities, including Australia Post, the Australian Mint, Snowy Hydro and the Australian Submarine Corporation. It also proposes that a raft of agencies be abolished, merged and reworked.

Read More >