U.S. government says it lost $11.2 billion on GM bailout

Comments (39)
Randy549 wrote:

But…but…I had heard on the news that GM paid back all the money they owed to the government! Waaaaahh! Pathetic.

Apr 30, 2014 11:12am EDT  --  Report as abuse
Macedonian wrote:

This could be easily fixed by closing few hundred schools

Apr 30, 2014 11:22am EDT  --  Report as abuse
tmc wrote:

And we run around the world crying about free trade and other countries subsidizing trade. What hypocrites we are.

Apr 30, 2014 11:23am EDT  --  Report as abuse
gcf1965 wrote:

So, we just add this on to page 847 of the “Book of Lies by the obama Admin”

Apr 30, 2014 11:30am EDT  --  Report as abuse
westernshame wrote:

and GM is going to be in financial trouble again due to their negligence with the $1 per car savings that has killed numerous people. open up your wallets and bend over everyone.

Apr 30, 2014 11:31am EDT  --  Report as abuse
Overcast451 wrote:

*The U.S. government lost $11.2 billion on its bailout of General Motors Co *

On the flip side – that means someone made 11.2 billion dollars.

I wonder what kinda roaches would go running if someone started an investigation on those that ‘shorted’ GM stock in that time frame?

Apr 30, 2014 11:33am EDT  --  Report as abuse
Lilydaisy wrote:

Is this the same GM that has been recalling all those automobiles over the last years for fatal flaws in their models?

Apr 30, 2014 11:43am EDT  --  Report as abuse
ajsfca wrote:

The unions, effectively, were given ownership of GM by the federal government, ahead of and at the expense of creditors, investors, dealerships and the U.S. taxpayers.

Apr 30, 2014 11:45am EDT  --  Report as abuse
Dr_Steve wrote:

Well, I got a good deal on a Camaro SS with a V-8 and 6 on the floor, so I’m a happy camper.

Apr 30, 2014 11:54am EDT  --  Report as abuse
Simplerman wrote:

Break up this corporate abomination of automotive mediocrity already!!

Time for the incompetent mega-corps (psuedo-govt agencies) to die. End the govt subsidy. This goes for Microsoft and the the Mega-Banks as well.

Bring back REAL competition and STOP Crony capitalism!!

Apr 30, 2014 12:01pm EDT  --  Report as abuse
chuck2 wrote:

Oh well, GM, WS, Banks, Tax breaks for upper end, the only thing that should change about this and other such stories,
U.S. government says it lost $11.2 billion on GM bailout
Change to (in CAPS)
TAX PAYERS LOST 11.2 Billion etc”
So to make up for gov dollar shortages, well Congress will simply cut more of the TAX PAYER PAID programs for the TAX PAYERS, to afford more bailouts for GE/WS/Banks/Upper end tax dodges, etc as those folks can afford lobbyists to bribe (not so says SCOUS) the elected and wanna be elected. New USA icon of wealth, is if you can afford to buy elected.

Apr 30, 2014 12:29pm EDT  --  Report as abuse
indymind wrote:

Remember the Presidents last election claim that GM was alive and Bin Laden was dead. Well, it cost nearly 12 billion to save GM and 100 billion to kill Bin Laden. You money was used to accomplish both goals.

Apr 30, 2014 12:30pm EDT  --  Report as abuse
OkieRedux wrote:

The ProPublica Bailout Scorecard,

http://projects.propublica.org/bailout/ ,

indicates that the U.S. has profited $31.9 billion (5.2 percent) on the bailout. Taking into account the additional loss of $1 billion on GM, the profit stands at 5.1 percent.

Apr 30, 2014 12:35pm EDT  --  Report as abuse
Fiddlehead wrote:

TAXPAYERS WANT THEIR MONEY BACK!!

So how, exactly are you going to recover this $11.2 billion?

How much is the CEO of GM getting paid? Are they giving employees
bonuses?

We want our money back, and the US government better recover it.

Apr 30, 2014 1:19pm EDT  --  Report as abuse
Bugzy wrote:

Haha, what a nice Ponzi scheme! Helpless taxpayers must be fuming……..work hard, pay tax, tax gets ponzied. Great scheme…….easy to lose $11 billion when it doesn’t really affect those who lost it. Remember the other solar companies that went burst too. The government can help companies by giving them 5 years tax break while ensuring staff levels are not reduced. Zero tax for 5 years would help companies instead of ponzing $11 billon

Apr 30, 2014 1:30pm EDT  --  Report as abuse
Bugzy wrote:

Every penny spent by the government should be approved by all registered taxpayers. Every registered taxpayer should be able to vote yes or no to any project, war, bailout, aid and any other Ponzi scheme.

Apr 30, 2014 1:40pm EDT  --  Report as abuse
happyhappy1 wrote:

$12 billion for saving 1.5 million jobs. That’s about 8 thousand dollars a job. Sounds like a pretty good deal to me. And that amount should come back to the coffers pretty quick in the form of income taxes.

Apr 30, 2014 2:21pm EDT  --  Report as abuse
Pajear wrote:

I already knew that. And we have Obama and the demorats claiming that it was a success! $11,000 million taxpayer dollars lost to bail out drunk drug addict union auto workers!

Apr 30, 2014 3:02pm EDT  --  Report as abuse
valwayne wrote:

So Obama screwed the taxpayers out of $11.2 billion to protect his buddies in the union? This is really an $11.2 billion payoff from Obama in return for union support and money for his election and reelection, at taxpayer expense. And if the Government is admitting to $11.2 billion that means it was really more like $30 billion. However, so what? Obama usually manages to waste and borrow that much by lunchtime most days. When you compare it to the nearly $8 trillion in debt he’s run up its really chicken feed. My only gripe is that he’s wasted it all. For all those wasted trillion our economy still sucks, unemployment still sucks, and our nation continues to decline. Obama really is a disaster.

Apr 30, 2014 3:02pm EDT  --  Report as abuse
StopObama wrote:

The story doesn’t mention the $10 billion dollars last year that the feds just forgave GM that GM owed prior to the sale of the U.S held GM stock. GM told the government they couldn’t pay it back and that was it.

Apr 30, 2014 3:09pm EDT  --  Report as abuse
JohnDavis wrote:

You mean to tell me that Obama lied when he said that he saved GM and Detroit (oh yeah, Detroit did end up filing bankruptcy too)?

Apr 30, 2014 3:17pm EDT  --  Report as abuse
JohnDavis wrote:

You mean to tell me that Obama lied when he said that he saved GM and Detroit (oh yeah, Detroit did end up filing bankruptcy too)?

Apr 30, 2014 3:17pm EDT  --  Report as abuse
Amathonn wrote:

Who said that? Certainly not the Democrats.

Apr 30, 2014 3:18pm EDT  --  Report as abuse
Amathonn wrote:

Oh…and one other little thing. Taxpayers will probably have to cover their pensions too.

Apr 30, 2014 3:20pm EDT  --  Report as abuse
GameTime wrote:

Well Obama got out of it what he wanted: votes. He used the U.S. taxpayers to make sure he got his re-election. He owes us that money back. Oregon owes us $270 million it got from Obama too for it’s failed Frankensurance website. Obama also owes us for Solyndra and that $460 million website that doesn’t work. He also owes us for Maryland’s failed website. PAY IT BACK.

Apr 30, 2014 3:28pm EDT  --  Report as abuse
dwaff wrote:

Not to mention the huge sums lost by lenders and bond holders, who in a legitimate bankruptcy would have been protected. This is why Obama stepped in, rather than allowing GM to go through bankruptcy protection – it gave him the opportunity to hand out favors to the UAW at the expense of others who had higher priority claims – including the 40,000-plus Delphi white collar workers who lost their entire pensions.

Apr 30, 2014 3:42pm EDT  --  Report as abuse
pilgrimson wrote:

Where is Elizabeth Warren and the other hysterics who foamed at the mouth about bailouts? The banks repaid what they owed, and at a profit to the Treasury. The GM creditors took a raping to make the reorganization work , and the consequence STILL was this loss to the taxpayers. Go figure! No, don’t go figure. It’s about votes for Democrats.

Apr 30, 2014 5:20pm EDT  --  Report as abuse
BillyJimBob wrote:

That’s not important. The important thing was our politicians made a bundle.

Apr 30, 2014 5:51pm EDT  --  Report as abuse
moonhill wrote:

We should have let them go under. They could have declared bankruptcy and reemerged and saved us taxpayers billions of dollars!

Apr 30, 2014 6:18pm EDT  --  Report as abuse
carnivalchaos wrote:

Randy549: What’s pathetic is always seeing US conservatives getting pisst off whenever something good for the American people occurs. The auto industry bailout saved a lot of Americans their jobs. That’s a good thing.

US conservatives opposed saving the US jobs associated with our car industry. They’re currently trying to block a minimum wage hike. They opposed extending unemployment benefits. They fought with all of their considerable influence to stop healthcare reform that has allowed millions of Americans to finally afford insurance. They consistently oppose any jobs bills. They opposed attempts to lower interest rates on student loans. Sum it all up and you get the #1 enemy of the people of the United States.

Strange how the Republicans opposed the auto industry bailout that probably saved over a million jobs and yet they support the Keystone pipeline, something that would only produce 34 permanent jobs at grave risk to our environment. We can’t afford to give the enemy of the people a voice in our government any more.

Apr 30, 2014 6:37pm EDT  --  Report as abuse
TheNewWorld wrote:

Correction. The US Taxpayers lost $11.2 billion due ot the US Government’s ill advised investment into a failing company.

Apr 30, 2014 6:46pm EDT  --  Report as abuse
TheNewWorld wrote:

@happyhappy1

GM employees about 77,000 American employees. That is a $155,844 loss per job. You can’t use your funny numbers for GM and then turn around and say the keystone pipeline will only employ a handful of people. And you don’t get to count the other 140,000 people the company employs in other countries, that doesn’t benefit the US taxpayer one bit.

Apr 30, 2014 6:53pm EDT  --  Report as abuse
carnivalchaos wrote:

TheNewWorld: “Correction. The US Taxpayers lost $11.2 billion due ot the US Government’s ill advised investment into a failing company.”

You just can’t stand it when Americans win. Last week marked GM’s 17th consecutive profitable quarter, hardly a failing company. Duh!

Apr 30, 2014 7:08pm EDT  --  Report as abuse
Kailim wrote:

GM has managed to sell more vehicles in China than in the US since 2011. The US tax payers may lost more than $11.2 billion without Chinese buyers.

Apr 30, 2014 9:24pm EDT  --  Report as abuse
carnivalchaos wrote:

Kailim: And they would have lost even more without American buyers. And even more without European buyers. Is it not fair to say that any international company’s earnings would be adversely affected if they happened to lose access to any of its major markets? So…what’s your point?

Apr 30, 2014 10:36pm EDT  --  Report as abuse

How does this compare to GOP ruled Texas offering $10,000 per employee to Toyota to move out of California? Who’s pocket is that cash coming out of? Frankly I don’t see myself ever buying a GM vehicle again (I drive one now) due to the recalls!

Apr 30, 2014 10:42pm EDT  --  Report as abuse
boon2247 wrote:

The government lost 11.2 billion of the taxpayers money. Why as citizens do we allow crap like this to continue?

Apr 30, 2014 12:23am EDT  --  Report as abuse
74LS08 wrote:

0Bama’s kids attend private school, he gets $450K salary, $250K pension and free healthcare for life.

Not bad for a community organizer who never held a paying job outside government and never argued a court case despite graduating from a law school.

That’s what I call an American dream!

May 01, 2014 3:11am EDT  --  Report as abuse
ute wrote:

This headline should read “The US government squandered $11.2 billion of the peoples’ money bailing out GM”. Oh, I forgot. The money is privately owned but the American people have to pay it back. My bad!

May 06, 2014 2:50pm EDT  --  Report as abuse
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