Gov’t report says US lost $11.2B on GM bailout
NEW YORK (AP) — A new report says taxpayers lost $11.2 billion on the government’s bailout of General Motors.
The estimate comes from a quarterly report to Congress by a government watchdog and is up from a previous estimate of $10.5 billion.
Detroit-based GM needed the $49.5 billion bailout to survive its bankruptcy restructuring in 2009. The company went public again in November 2010. The government sold its last shares of GM in December. The report says the Treasury Department wrote off an $826 million administrative claim against General Motors Co. in March, ending its involvement with the company.
In July, the watchdog said the government lost $2.9 billion on the bailout of Chrysler, which cost $12.5 billion.
Ally Financial is the last company that is still partly owned by the Treasury Department.