AIG, GM, Chrysler Will Stiff U.S.: Geithner - TheStreet

NEW YORK (

TheStreet

) -- Treasury Secretary Timothy Geithner said today that government is unlikely to recover its investments in AIG, GM and Chrysler.

"There is a significant likelihood we will not be repaid from our investments in AIG, GM and Chrysler," Geithner told a Congressional Oversight Panel, according to Bloomberg.

Geithner also said that he had decided to extend the $700 billion Troubled Asset Relief Program to give the Obama administration more time to unwind its bank-rescue efforts, reports Bloomberg. Geithner said the economy and housing markets are still in a fragile state.

The Government Accountability Office says that TARP has cost taxpayers $30.43 billion in fiscal year 2009 to rescue AIG and $30.47 billion to rescue the auto sector.

-- Reported by Andrea Tse in New York

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