Advertisement

HindustanTimes Mon,21 Apr 2014

Little hope taxpayers break even on GM bailout

AP  Detroit , July 24, 2013
First Published: 11:14 IST(24/7/2013) | Last Updated: 11:17 IST(24/7/2013)

There's little hope that the US government will break even on its $49.5 billion bailout of General Motors.

Advertisement

A government watchdog says the Treasury would have to sell its GM stock for $95.51 per share to get its money back. The shares closed Tuesday at $36.61.

Treasury hopes to sell the 189 million GM shares it still owns by early next year.

The special inspector general for the Troubled Asset Relief Program says taxpayers are still $18.1 billion in the hole on the bailout, which GM needed to survive its bankruptcy restructuring in 2009.

Since leaving bankruptcy, GM has earned $17.2 billion. In exchange for the bailout, the government got GM stock. It has reduced its GM stake from 61 percent in 2009 to 14 percent as of last month.

Advertisement
more from Business

Sensex advances further by 93 points in early trade

BSE Sensex firmed upfurther by 93 points in morning trade on persistent buying in banking and capital goods sector stocks on the back of fresh foreign capital inflows into equity market.
markets
Advertisement
Most Popular
Advertisement
Copyright © 2014 HT Media Limited. All Rights Reserved