U.S. Government Says It Lost $11.2 Billion On GM Bailout

Fox Business News ^ | 04/30/2014

[SeekAndFind]

The U.S. government lost $11.2 billion on its bailout of General Motors Co, more than the $10.3 billion the Treasury Department estimated when it sold its remaining GM shares in December, according to a government report released on Wednesday.

The $11.2 billion loss includes a write-off in March of the government's remaining $826 million investment in "old" GM, the quarterly report by a Treasury watchdog said.

[DoughtyOne]

I don’t know what the real figure is, but the government was providing funds at one point and GM was paying down loans with it.

We will never know the actual cost.

[Parley Baer]

I wonder how much of that was laundered to the UAW?

[TBP]

I thought they paid us back. /sarc

[BenLurkin]

Oh, the government lost it.

At least it wasn’t our money.

[pfflier]

Didn’t obummer claim complete payback before the last election? Not another lie??

[Gay State Conservative]

U.S. Government Says It Americans Who Actually *WORK* For A Living Lost $11.2 Billion On GM Bailout

Fixed it.

[grobdriver]

wonder how much of that was laundered to the UAW?

All of it.

[rod1]

Yes every day and every way.

[TurboZamboni]

This angers Obama-this could have been used for golf vacations.

[Gay State Conservative]

I wonder how much of that was laundered to the UAW?

My guess is just about 11.2 billion.

[clintonh8r]

I will never buy a UAW product. As far as I’m concerned they’re as banned from my shopping list as anything made in China or Mexico.

[MIchaelTArchangel]

One of the reasons we will never know the true cost is that by preventing GM from filing for bankruptcy protection or from self-liquidation in bankruptcy, the government prevented GM from doing some real restructuring and also prevented those GM divisions which had promise from being sold to entrepreuners who would have run it much better (after all, could anyone run in worse?) than the former GM management.

Oh, but that would have resulted in the evil investors getting something for their investments and for the angelic members of the UAW getting stiffed in return for stiffing the company into bankruptcy.

[clintonh8r]

I will never buy a UAW product. As far as I’m concerned they’re as banned from my shopping list as anything made in China or Mexico.

[ryan71]

“The U.S. government lost $11.2 billion” ???

No, the the 50 percent of us who pay fed income taxes LOST $11.2 billion.

[Hoodat]

If they’re admitting to $11 billion, then you know it was more like $35 billion.

[oldbrowser]

I don’t know what the real figure is, but the government was providing funds at one point and GM was paying down loans with it.

Money was being award to GM from the Stimulus Fund and GM was then giving it back to the government to pay off their loan. Five billion in one transaction that I recall.

[DoughtyOne]

Yes, but would it be enough? LOL

[headstamp 2]

Thankfully this was from Obama’s “stash” and not the taxpayers.

[tcrlaf]

WAIT... WHAT????

This is impossible.
The TV told me that the “taxpayers” would make big money from this, and that if you didn’t agree with that, you were a RASSISS! that hates the idea of a black president.

HOW CAN THIS BE???