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.
More than half of Texans said that the $50 billion taxpayer bailout of General Motors may deter them from buying from the company, according to a survey released Tuesday.
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.
General Motors of Canada President Kevin Williams is warning that subprime loans could doom the auto industry just as it did the housing industry in 2007.
Taxpayers are expected to lose $10 billion on the GM bailout, as the Treasury Department begins to sell off its remaining 101.3 million shares.
General Motors (GM) employees have reportedly flooded the comments sections of car blogs to boost the company’s reputation, according to a report.
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.
One of GM’s foreign subsidiaries received a $275 million bailout from Australian taxpayers to keep its operations afloat and is reportedly seeking an additional $265 million from local and federal authorities.