A just-released report from the U.S. Treasury Department shows that the auto bailout continues to be a win-lose for General Motors versus taxpayers: While GM won billions, taxpayers have still lost big time.
The Wall Street Journal reported that taxpayers are expected to lose this year at least $10 billion on the bailout of GM, due to the company's failure so far to repay the money and the fact that Treasury has to close its books with the outstanding debt listing.
The company did create 340,000 jobs since receiving the taxpayer gift in 2009 — but some say that's hardly enough to offset the amount of cash it received, United Press International said.
And GM hasn't been the only big winner in the deal.
Taxpayers this year will be out a total of $15 billion because of the rescue of the trio GM, Chrysler Group and lender Ally Financial Inc., the Wall Street Journal reported.
The bailout, which came to about $421.6 billion, was mostly for banks, UPI reported. By the time the bailout was wrapped, 707 different financial groups accepted government aid — and all but 97 have repaid the money, UPI said.
Moreover, taxpayers are expected to see a return of about $432 billion when all is said and done — mostly from the big banks, the Wall Street Journal said.
But Treasury is closing out the year's filings with a recorded big taxpayer loss on GM, five years after the enactment of the Troubled Asset Relief Program.
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