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Treasury Department says bailouts made a profit -- but not off GM

Nov. 21, 2013 at 6:48 PM   |   Comments

WASHINGTON, Nov. 21 (UPI) -- The U.S. Treasury Department said it would close out its bailout of General Motors at a loss, although the total rescue effort is expected to make a profit.

The Wall Street Journal reported Thursday taxpayers will likely lose more than $10 billion from the rescue of GM, although there are some intangibles that should be considered, such as the 340,000 auto industry jobs created since 2009.

On paper, taxpayers will be out about $15 billion for the rescue of GM, Chrysler Group and auto lending firm Ally Financial Inc., the Journal said.

Overall, bailouts -- which mostly went to banks -- totaled $421.6 billion, the Journal said. In the end, however, taxpayers will recoup about $432 billion.

Most of the profits came from the financial sector, especially from big banks, the newspaper said.

In total, 707 financial firms received aid from the government, which has been paid back by all but 97 of them.

© 2013 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
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