US Treasury loses 10 Billion on General Motors

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US Treasury loses 10 Billion on General Motors

US government lost around $10bn on GM bailout

The US government has sold its remaining shares in General Motors, leaving it with a loss of around $10bn (£6bn) on the bailout of the car maker.

The US Treasury spent $49.5bn bailing out GM in 2008 and 2009, and took a 61% stake in the car maker.

Treasury Secretary Jack Lew said the move prevented the collapse of the US auto industry and saved a million jobs.

"With the final sale of GM stock, this important chapter in our nation's history is now closed," he said.

(And now, according to what I saw in another newspaper, GM is setting up shop in Singapore, or at least is opening up the national office there and leaving the set up in Shanghai)


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Beyond Saving
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Bah, it is only $10 billion.

Bah, it is only $10 billion. Bill Gates could easily pay another $10 million in taxes. It is his fault we are broke. (note the $10 billion number doesn't include losses from interest. Every penny had to be borrowed because we are broke.)

If, if a white man puts his arm around me voluntarily, that's brotherhood. But if you - if you hold a gun on him and make him embrace me and pretend to be friendly or brotherly toward me, then that's not brotherhood, that's hypocrisy.- Malcolm X

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They were too big to fail,

They were too big to fail, so thank god the government stepped in.   

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Blame who? Bush? Obama?

Blame who? Bush? Obama? Conservative? Liberal?

Would they have survived with out the bailout? Would their have been a huge job loss?


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They should have been left

They should have been left to die.

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