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Keyword: taxpayerloss

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  • U.S. exits GM stake in $10 billon loss for taxpayers

    12/09/2013 7:41:48 PM PST · by Innovative · 30 replies
    Yahoo News/Reuters ^ | Dec 9, 2013 | Jason Lange
    The U.S. government sold its last shares of automaker General Motors Co (GM) on Monday, marking an end to a historic bailout of one of America's most storied companies. The sale leaves taxpayers short about $10 billion of the funds that the Treasury sank into the automaker in 2009. GM recorded a profit of $4.3 billion for the first nine months of this year. The bailout was hugely controversial. During the 2012 presidential campaign, Republican presidential candidate Mitt Romney called it "crony capitalism."