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.
Copyright 2014 The Associated Press. All rights
reserved. This material may not be published, broadcast, rewritten or
redistributed.
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.
Copyright 2014 The Associated Press. All rights
reserved. This material may not be published, broadcast, rewritten or
redistributed.