Quincy, IL News - Journal930.com
Quincy, IL News - Journal930.com
Friday, Nov 27, 2015

GM bailout price tag: $10.5 billion

1 year, 11 months ago From latimes.com

From From latimes.com:

The federal government on Monday sold its remaining shares of General Motors Co. stock, ending the controversial $49.5-billion bailout of the automaker with an approximately $10.5-billion loss for taxpayers.

"This marks one of the final chapters in the administration's efforts to protect the broader economy by providing support to the automobile industry," Treasury Secretary Jacob J. Lew said.

President Obama's decision to continue the bailouts of GM and Chrysler, begun in late 2008 under former President George W. Bush, helped avoid a collapse of the U.S. auto industry, Lew said.

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Obama tied the additional money to requirements that GM and Chrysler go through government-led bankruptcy restructurings that left taxpayers owning parts of both companies.

In 2011, Treasury closed the books on its $12.5-billion bailout of Chrysler and took about a $1.3-billion loss.


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