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Author Topic: Ouch! GM Bailout cost $1 Billion More Back to Topics
ifallsguy
Champion Author
Arizona

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Message Posted: Apr 30, 2014 9:49:40 PM

The U.S. government lost $11.2 billion on its bailout of General Motors, almost $1 billion more than the $10.3 billion the Treasury Department estimated when it sold its remaining GM shares in December, according to a government report released on Wednesday.

The $11.2 billion loss includes a write-off in March of the government's remaining $826 million investment in "old" GM, the quarterly report by a Treasury watchdog said.

The U.S. government spent about $50 billion to bail out GM. As a result of the company's 2009 bankruptcy, the government's investment was converted to a 61 percent equity stake in the Detroit-based automaker, plus preferred shares and a loan.


Visit NBC News for full article
REPLIES (newest first) Post a Reply
52MPG
Champion Author Dayton

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Message Posted: May 2, 2014 3:22:22 AM

Only Government.
oldmack
Champion Author Riverside

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Points:254,335
Joined:Jan 2013
Message Posted: May 2, 2014 3:03:38 AM

ok
Alaydown
Champion Author Los Angeles

Posts:7,429
Points:1,264,735
Joined:May 2007
Message Posted: May 1, 2014 5:40:58 PM

Also not mentioned in taxpayer losses for bailing out GM, GM was allowed to write off $45.4 billion in losses on its taxes meaning they aren't paying a dime in taxes on any of their profits for the next several years. Unlike other corporations that routinely lose their cumulated tax write-offs in bankruptcy proceedings, the new GM will not have to pay federal taxes for the next decade or so.
FranklinON
Champion Author Ottawa

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Message Posted: May 1, 2014 3:31:32 PM

So, when they get back to a profit-making position, will they be sharing the profits with the American people as well?
optionstrader
Champion Author Indiana

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Message Posted: May 1, 2014 2:55:52 PM

At least the government sold out before the stock price collapsed after the ignition recall.
Night Owl
Champion Author Toronto

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Message Posted: May 1, 2014 2:43:17 PM

SUVFan is exactly right! GM has been completely ungrateful that us taxpayers saved the company.
MadFueler
Champion Author Winston-Salem

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Points:1,015,395
Joined:Sep 2012
Message Posted: May 1, 2014 1:03:06 PM

By adopting a hands-off policy while owning GM, then selling their shares at a loss, the government missed a huge opportunity to truly reform a stagnant behemoth. The bad thing is, it wasn't its biggest waste (but that's another issue).
SUVFan
Champion Author Columbus

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Message Posted: May 1, 2014 9:34:42 AM

Memo

To: GM Shareholders, Board Members, Execs and Employees

From: Taxpayers

Re: The $11.2 Billion we gave you

The silence demonstrating your gratitude for your gift is deafening.
scu227
Champion Author New Haven

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Message Posted: May 1, 2014 9:34:33 AM

I'll take a bailout too !!!!!
hoghead55
Champion Author Missouri

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Message Posted: May 1, 2014 8:07:48 AM

Wasted tax dollars
leeac
Champion Author Ohio

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Message Posted: May 1, 2014 6:47:09 AM

The GM bailout saved thousands of good middle class jobs and was a good investment.
9C1
Champion Author Chicago

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Message Posted: May 1, 2014 6:46:12 AM

So what's new?
Grizdad
Champion Author Montana

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Message Posted: May 1, 2014 6:43:14 AM

Remember this when you are doing your homework before casting your vote. Just one of many things that you should take into account.
ExplodingGlass
Champion Author Maine

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Message Posted: May 1, 2014 6:29:25 AM

awesome
VMIJim
Champion Author Alabama

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Message Posted: May 1, 2014 6:28:55 AM

Same old crap, different day when it comes to the stimulus sucking, union dominated, Oblamer supporting Government Motors. I smell another bailout by Oblamer in exchange for votes for & major contributions to his Nov 2014 Dem candidates. Stop this madness in Nov 2014 & start taking our country back before it's too late!
installer
Champion Author San Diego

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Message Posted: May 1, 2014 6:24:59 AM

Details, details. This beast just won't die.
dr047
Champion Author Cleveland

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Message Posted: May 1, 2014 6:22:03 AM


What's a Billion here and a Billion there?

When does Joe Shmo get a break"
Hunter114
Champion Author Chicago

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Message Posted: May 1, 2014 5:50:04 AM

More taxpayer money wasted.
djgunrunner
Champion Author Salt Lake City

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Message Posted: May 1, 2014 3:46:26 AM

We all have to remember that obama did not waste $ll.2 billion of the governments money, he wasted $11.2 billion of our money and it is going to have to be replaced by us.
deant99
Champion Author Ontario

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Message Posted: May 1, 2014 3:02:15 AM

Is that all? Lucky to be in business.
nurdco
Champion Author Colorado Springs

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Message Posted: May 1, 2014 2:47:30 AM

Wheres our new car???
ClassicWheeler
Champion Author Montgomery

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Message Posted: May 1, 2014 2:38:21 AM

This is not a wise bailout.
seeyardee
Champion Author Sacramento

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Message Posted: May 1, 2014 2:29:48 AM

Still cheaper than those wars.
Samo1961
Champion Author Los Angeles

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Message Posted: May 1, 2014 2:00:41 AM

Nothing we can do.
TIGERPAW46
Champion Author Florida

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Message Posted: May 1, 2014 1:57:01 AM

Thank you so much Washington for your wise decisions on the Banks, Auto manufacturers, & Green energy losses. Thank you for putting our future generations trillions of dollars in debt for NOTHING Gained.
comprof
Champion Author Houston

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Message Posted: May 1, 2014 1:52:30 AM

Fraud at best.
tobin2010
Champion Author Topeka

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Message Posted: May 1, 2014 1:48:36 AM

X
jimgraham
Champion Author Akron

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Message Posted: May 1, 2014 1:39:39 AM

No way is is anywhere near that low. I would bet that it really exceeds 20 billion of you even start consider the stuff hidden inside the "old GM" moras.
wz
Champion Author Twin Cities

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Message Posted: May 1, 2014 1:29:48 AM

The costs continue to add up. And these are just the measurable ones that funneled money directly to GM (and its unions).
roadrunnerMO
Champion Author Kansas

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Message Posted: May 1, 2014 1:19:41 AM

OBAMA keeps raping the taxpayers. It is time for him and his cronies to go.
windup
Veteran Author Austin

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Message Posted: May 1, 2014 1:03:42 AM

That's great.
Rich1430
Champion Author Indiana

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Message Posted: May 1, 2014 12:38:50 AM

Not Surprising. The Government could lose anything and not care.
Cebo
Champion Author Maryland

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Message Posted: May 1, 2014 12:38:21 AM

The US economy needed GM to remain in business!
mrkiddd125
Champion Author Detroit

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Message Posted: May 1, 2014 12:36:07 AM

o well
sixthzone
All-Star Author Mississippi

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Message Posted: May 1, 2014 12:33:54 AM

Geesh
RickF350
Champion Author Washington

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Message Posted: May 1, 2014 12:26:30 AM

Have to be crazy to buy anything from Government Motors
ExplorerWA
Champion Author Washington

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Message Posted: May 1, 2014 12:25:33 AM

The government has money to burn.
gasmask78
Champion Author Virginia

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Message Posted: May 1, 2014 12:20:57 AM

crazy.
FlatulenceOdor
All-Star Author Maryland

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Message Posted: May 1, 2014 12:17:15 AM

And are government wants more taxes, from the taxpayers. It's time to cut the waste and their paychecks.
JagXKR
Champion Author British Columbia

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Message Posted: May 1, 2014 12:07:38 AM

GM is making tons of money and has no intentions of ever making the US taxpayer whole. They went fiscally bankrupt but have always been morally bankrupt.
tnfran
Champion Author Arizona

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Message Posted: Apr 30, 2014 11:43:47 PM

Well GM ought to take some responsibility for this and pay back the loss.
clermont40miles
Champion Author Cincinnati

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Message Posted: Apr 30, 2014 11:32:07 PM

Lose - lose. We never were going to win.

The unions and Democrats were the winners. Buying votes with taxpayer money.
Yooperheart
Champion Author Michigan

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Message Posted: Apr 30, 2014 11:23:57 PM

Current administration is costing us more.
1007
Champion Author Michigan

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Message Posted: Apr 30, 2014 11:22:57 PM

And it is not over
dfd1983
Champion Author Florida

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Message Posted: Apr 30, 2014 11:14:33 PM

hmm
John747
Champion Author Chicago

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Message Posted: Apr 30, 2014 11:01:27 PM

They refuse to admit that the government actually bailed out the UAW - not GM!
lippoe_sokan
Champion Author Provo

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Message Posted: Apr 30, 2014 10:57:16 PM

I'm not surprised at all. Not at all.
Nicoalbum
Champion Author Ottawa

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Message Posted: Apr 30, 2014 10:56:18 PM

This way or another, your money's gone to pay the bonus
0to60in6
All-Star Author Idaho

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Points:999,830
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Message Posted: Apr 30, 2014 10:51:33 PM

Nobody else could squander that much of our money. Thanks a bunch guys.
jpgilmor
Champion Author Houston

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Message Posted: Apr 30, 2014 10:46:32 PM

Difficult choice saving the company and jobs or deal with the large fallout.
ericbcire
Champion Author Nevada

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Points:2,078,585
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Message Posted: Apr 30, 2014 10:41:04 PM

Pay us back.
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