Drew Johnson leftlanenews.com The United States government announced this week that it lost $11.2 billion on its bailout of General Motors, or roughly $1 billion more than expected.
According to the report, released on Wednesday by the Treasury Department, taxpayers lost $11.2 billion on the United States' bailout of GM. The Treasury estimated the U.S. would lose about $10.3 billion on the deal when it sold its remaining shares in GM in December.
The U.S. government bailed GM out to the tune of $50 billion in 2009. Following the automaker's bankruptcy filing, the United States became a 61 percent owner of the company. The government slowly sold off its stake in GM in the subsequent years and completely divested its interest late last year.to read more: leftlanenews.com
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