By The Associated Press Posted: 10/29/13, 1:13 PM EDT | Updated: 1 day ago DETROIT >> A watchdog says the U.S. government expects to lose $9.7 billion on its bailout of General Motors. The government spent $49.5 billion to save GM five years ago. The Special Inspector General for the Troubled Asset Relief Program says the government has recovered $34.5 billion. That leaves $15 billion. The government got 61 percent of GM’s stock in the bailout. It has sold all but 7 percent, or 101 million shares. Those would have to sell for $148 each to break even. GM stock was trading at $35.72 Tuesday. The inspector general says in a report to Congress that the government is showing a $9.7 billion loss on its books. The government says it bailed out GM and Chrysler to save 1 million jobs and prevent a deeper recession.
Posted on: Thu, 31 Oct 2013 15:18:32 +0000
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