Taxpayers Out $9.7B on GM Bailout

[Phurfur 70]

 

The government’s 2009 bailout of General Motors (NYSE: GM) has cost U.S. taxpayers $9.7 billion as of Sept. 30, according figures released Tuesday in a report to Congress.

At the height of the financial crisis, as GM teetered on the brink of bankruptcy, the government bailed out the giant Detroit auto maker with $49.5 billion in loans in exchange for $2.1 billion in preferred stock and a 60.8% equity stake.

In an effort to reduce that stake, Treasury has intermittently sold large portions of its GM stock, but always at prices below “the Government’s cost basis,” according to the report. In other words, the stock was sold at a price below the level at which the U.S. would break even on the deal.

The loss figures were released in a quarterly report to Congress issued by the Special Inspector General overseeing the Troubled Asset Relief Program (TARP).

http://www.foxbusiness.com/industries/2013/10/29/report-taxpayers-out-7b-on-gm-bailout/

 

 

[Recliner Pilot 61]

Coulda had a nonfunctioning website instead.

[Voltaire 5,316]

http://www.freep.com/article/20131209/BUSINESS0101/312090100/

 

Final government shares sold. The taxpayers are out of the automotive business.

 

$10 B. What a bargain and what an accomplishment. Good job Obama and (for the first and last time ever) Bushtard.

[NewbieJr 541]

http://www.freep.com/article/20131209/BUSINESS0101/312090100/

 

Final government shares sold. The taxpayers are out of the automotive business.

 

$10 B. What a bargain and what an accomplishment. Good job Obama and (for the first and last time ever) Bushtard.

Pretty sure that wasn't the angle that phurfur and RP had in mind.

[Recliner Pilot 61]

http://www.freep.com/article/20131209/BUSINESS0101/312090100/

 

Final government shares sold. The taxpayers are out of the automotive business.

 

$10 B. What a bargain and what an accomplishment. Good job Obama and (for the first and last time ever) Bushtard.

We should not be bailing out any business with tax dollars.

 

The study in your article was done by the Center for Automotive Research, which is funded by the car companies, so I take their "findings" with a grain of salt.

[hoytdwow 202]

We should not be bailing out any business with tax dollars.

 

The study in your article was done by the Center for Automotive Research, which is funded by the car companies, so I take their "findings" with a grain of salt.

Phurfail's article came from Faux News, so I take their "reporting" with a grain of salt

[edjr 6,580]

I love that one "taypayers out"

 

Oh really? Would I have gotten it all back if it wasn't wasted on the bailout?

 

 

Wouldn't they have wasted it on something else? Like say the Iraq war?

[Voltaire 5,316]

We should not be bailing out any business with tax dollars.

 

The study in your article was done by the Center for Automotive Research, which is funded by the car companies, so I take their "findings" with a grain of salt.

Should? Shouldn't?

 

I guess in the end whatever works. This did.

[patweisers44 845]

If Bush doesnt provide that bridge loan as he was leaving office, GM is just a memory at this point.

[edjr 6,580]

If Bush doesnt provide that bridge loan as he was leaving office, GM is just a memory at this point.

 

BUSH!

[Recliner Pilot 61]

If Bush doesnt provide that bridge loan as he was leaving office, GM is just a memory at this point.

Why couldn't they go thru bankruptcy and come out the other side like thousands of other companies?

 

What makes GM special?

[Voltaire 5,316]

Why couldn't they go thru bankruptcy and come out the other side like thousands of other companies?

 

What makes GM special?

Those other companies didn't go under at the height of an economic crisis.

 

The economy was tanking. When the banks froze, people couldn't get loans to but cars so cars weren't selling. Meanwhile when the banks froze, there was also no source for credit for companies either...

 

Except one...

[patweisers44 845]

Why couldn't they go thru bankruptcy and come out the other side like thousands of other companies?

 

What makes GM special?

Agreed. nothing about GM deserves special treatment. If Dubya kicks them to the curb they would have had to go that route. He strung the issue along so that it became the new regime's issue to deal with. They could have kicked them to the curb as well.

[Recliner Pilot 61]

Those other companies didn't go under at the height of an economic crisis.

 

.

 

Really?

 

Companies don't go bankrupt at the height of an economic crisis?

 

Interesting theory.

[drobeski 3,061]

Really?

 

Companies don't go bankrupt at the height of an economic crisis?

 

Interesting theory.

just sh!thole cities I guess

[BudBro 182]

i can't get a read on the bored analysis of the $10B loss. it appears thus far that a $10B loss is a good and acceptable amount of money to be mismanaged and lost. after all, it's just taxpayer dollars, which don't really exist anyway. i believe we also lost money in the sale of chrysler to fiat, to the tune of 3 to $5B. this was disastrous on every front and all involved in the plan should be tried for theft and misuse of taxpayer dollars. didn't the president fire a ceo along the way?

[Frank M 181]

I thought my check was a little lighter this month.