If the purchasing of Super Bowl ads is any indication, then the market for cars is much brighter than years past.  And two US automakers--GM and Chrysler--that were on the verge of collapse two years ago are among the big spenders this year, according to the Detroit Free Press.  So does this mean the Treasury's so-called bailouts of GM and Chrysler were clear successes?  Maybe, maybe not, seems to be the answer from the Congressional Oversight Panel (tasked with evaluating the Treasury's handling of TARP funds).  From the January COP report:

Treasury is currently unwinding its stakes in GM, Chrysler, and GMAC/Ally Financial.  Of those companies, GM is furthest along in the process of repaying taxpayers.  It conducted an
initial public offering (IPO) on November 18, 2010, and Treasury used the occasion to sell a portion of its GM holdings for $13.5 billion. This sale represents a major recovery of taxpayer funds, but it is important to note that Treasury received a price of $33.00 per share - well below the $44.59 needed to be on track to recover fully taxpayers‟ money.  By selling stock for less than this break-even price, Treasury essentially "locked in" a loss of billions of dollars and thus greatly reduced the likelihood that taxpayers will ever be repaid in full. 

Treasury has explained its decision to sell at a loss by saying that it wished to unwind government ownership of the automobile industry as quickly as possible.  This justification may
very well be reasonable, but it is difficult to evaluate.  Because Treasury has cited different, conflicting goals for its automotive interventions at different times - saying, for example, that it wished to save American jobs, to produce the best possible return to taxpayers, or to return the company to private ownership as rapidly as possible - it is difficult for the Panel or any outside observer to judge whether Treasury‟s results in fact qualify as successful.

Read the full report here.

And watch COP Chair Ted Kaufman introduce the report: