Bailout task force unaware of GM faulty switches, report says

Jeffrey McCracken
Tiffany Kary
April 3, 2014 – 7:39 am ET
NEW YORK — The task force President Barack Obama set up to manage General Motors’ bailout and bankruptcy in 2009 wasn’t aware of the faulty ignition switches linked to 13 deaths in small cars, people familiar with the matter told Bloomberg.

Had it come up, the task force would have considered setting aside more money for the GM estate left behind after the automaker filed for bankruptcy in June 2009, said the people, who asked not to be named because their meetings were confidential. At the time, GM’s board and the task force based their projections for product-liability claims on a report that the GM estate would face about $414 million for pre-bankruptcy crashes, according to court papers.

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