The U.S. Treasury’s bailout fund lost $11.2 billion on
the rescue of General Motors Co. with the government’s exit of the largest U.S.
automaker, a report said.
The total includes $826 million that the Treasury wrote
off in March for its remaining claim in old GM, the special inspector general
for the Troubled Asset Relief Program said in a report to Congress yesterday.
In December, the government had put the loss at about $10.5 billion on its
$49.5 billion investment.
The Treasury sold its remaining shares in GM in December,
signaling the end of Government Motors, as the Detroit-based automaker was
derisively labeled by some critics after the U.S. government stepped in with
emergency funding in 2008. Bailouts from the George W. Bush and Barack Obama
administrations helped GM avoid liquidation and reorganize in a 2009 bankruptcy
that has given new life to the company. ….To Read More
No comments:
Post a Comment