Feds Close Books on Auto Bailout
The U.S. government lost $9.26 billion in its financial rescue of the auto industry, and closed out its last investment earlier this month six years after initiating the plan.
The U.S. government lost $9.26 billion in its financial rescue of the auto industry, and closed out its last investment earlier this month six years after initiating the plan.
The U.S. Treasury Department closed out its investment in Ally Financial on Dec. 19, selling an 11.4 percent stake in the auto lender and recovering $2.4 billion more than it invested, reports the Detroit News.
However, the bigger picture wasn't as profitable. Treasury recovered $70.43 billion of the $79.69 billion it gave to General Motors Corp., Crysler LLC, Chrysler Financial, and Ally. Ford Motor Co. declined to take financial assistance when the bailouts began in December of 2008. President George W. Bush allocated $25 billion, and President Barack Obama added another $55 billion.
The federal government's loss was better than initially expected. An early-2009 estimate put the loss at $44 billion. The Treasury Department gave final numbers in a Dec. 29 report on the program.
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