Ron Bloom: U.S. taxpayers came out ahead from GM, Chrysler bailouts

According to Ron Bloom, senior counselor to the U.S. president for manufacturing policy, US taxpayers came out ahead in the GM and Chrysler bailouts, evidenced by GM’s having gone public in November, and Chrysler Group being headed there soon.

Bloom serves as senior counselor to the president for manufacturing policy, and was a key architect in the U.S. government’s 2009 auto bailouts. He said saving the automakers from collapse ‘avoided a devastating blow’, and served the people much better than letting them fail which could have lead to the loss of millions o fobs and put the entire manufacturing industry at risk.

Also cited as proof of a turnaround, was the fact that all three of Detroit’s automakers showed a profit in 2010 (the first time in six years), and saw a collective market share increase for the first time in 15 years. Bloom said he is totally in favor of letting the boards run their own companies.

– By: Stephen Calogera

Source: Automotive News