Taxpayers stand to lose $27B in 2008 bailout

[Phurfur 70]

WASHINGTON – A government watchdog says U.S. taxpayers stand to lose $27 billion from the 2008 financial bailout, up from an estimate of $22 billion made in the fall.

 

A report issued Wednesday by the special inspector general for the Troubled Asset Relief Program says the estimate is higher because of increased losses for the Treasury Department on sales of shares in bailed-out companies.

 

Ally Financial, the former financial arm for General Motors, still owes $14.6 billion of the $17.2 billion in aid it received. The report says taxpayers can expect to lose $5.5 billion on that investment because of the company's losses on risky mortgages issued ahead of the financial crisis.

 

The report also criticized the Treasury for lacking a plan to unwind its investment in Ally. Taxpayers own 74 percent of the company.

 

Ally and GM together owe more than half of the $67.3 billion still owed U.S. taxpayers by companies that were bailed out during the financial crisis, according to the quarterly report to Congress by Special Inspector General Christy Romero

 

 

Read more: http://www.foxnews.com/politics/2013/01/30/watchdog-says-taxpayers-may-lose-27b-in-bailout/#ixzz2JTULC8cg

[Recliner Pilot 61]

Oh well, there goes 1/3 of Obama's "I hate the rich" Tax revenues for the next 10 years.

[RLLD 4,230]

But AIG says the terms of their salvation were too hard on them????

[edjr 6,592]

I love that. Taxpayers stand to lose?

 

As if we'd get it back if it wasn't wasted then?

 

The gubment would waste it on something else. Fact

 

When it comes to taxes, we ALWAYS lose. There is never a win.

[Phurfur 70]

I love that. Taxpayers stand to lose?

 

As if we'd get it back if it wasn't wasted then?

The gubment would waste it on something else. Fact

 

When it comes to taxes, we ALWAYS lose. There is never a win.

 

[Greedo 13]

How might your life change with no garbage pickup, postal service, US military, unemployment insurance (which many on this board have taken advantage of), treasuries interest, highway system, schools, bridges, national parks, to name a few.

 

This constant whining about no good uses for tax dollars simply lacks intelligence.

[Phurfur 70]

How might your life change with no garbage pickup, postal service, US military, unemployment insurance (which many on this board have taken advantage of), treasuries interest, highway system, schools, bridges, national parks, to name a few.

 

This constant whining about no good uses for tax dollars simply lacks intelligence.

 

You are an Idiot!