GM Auto-Lender Still Owes Federal Government $5 Billion

Feds lost $10.5 billion on GM bailout
General Motors President Mark Reuss / AP

General Motors’ (GM) troubled lending arm remains billions of dollars in debt to taxpayers.

The Treasury Department sold its remaining GM stock on Monday, a move that is expected to cost taxpayers $10.5 billion.

Tarnished Reputation

Expert suggests GM avoiding mentioning Volt to avoid memories of bailout
President Obama driving a Volt / Wikimedia Commons

General Motors has shied away from promoting the Chevrolet Volt in 2013 as the federal government begins selling off its final shares of company stock, a move one expert said may have been made to avoid reminding the public of the federal bailout.

U.S. Sells GM Shares, Still Slated to Lose Billions on Bailout

GM logo

The Treasury Department announced the sale of $811 million worth of General Motors (GM) stock in August, while the Canadian government shed 30 million shares in September.

The government retains an estimated 186 million shares of GM stock, according to the Associated Press. Those remaining shares are only worth $6.77 billion at GM’s current $36.40 stock value, less than half of what is needed to cover the $14.1 billion the company owes the United States.

Fair Game

Conservative think tank slams hypocrisy of Obama ally
CAP founder John Podesta / AP

A conservative think tank that the Center for American Progress has accused of being a corporate shill slammed the liberal behemoth for its reported hypocrisy.