YOUR Money To Burn - Obama Administration Saddles Taxpayers With $9.3 Billion Loss With Sale Of Former GMAC Finance Shares

U.S. taxpayers lost $9.3 billion on the government’s bailout of auto companies following the Treasury Department’s sale of its remaining stake in Ally Financial Inc.

The Treasury took in $70.4 billion from the rescue of companies including General Motors Co., Chrysler Group and auto lender Ally after spending $79.7 billion of taxpayer funds, according to department data released Monday.

The U.S. government disposed of its remaining $1.28 billion stake in auto lender Ally Financial Inc. this month, resolving the last big bailout from the emergency government program to stem the 2008 financial crisis. The U.S. had owned as much as 74 percent of Ally after a $17.2 billion rescue.

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MDarringer - 12/30/2014 9:58:31 AM

+2 Boost

Typical fiscal idiocy that has to end.

randy3023 - 12/30/2014 10:49:29 AM

+1 Boost

The most unpopular, corrupt decision ever made by a modern president.

GM was DEFUNCT and ineptly-managed, had LOADS of competitors, and should NEVER have been given 50 BILLION DOLLARS.

Disgusting.

HoustonMidtown - 12/31/2014 8:15:28 AM

-2 Boost

Yeah - because those wars we are/were in were so popular and inexpensive....talk about selective memory

Agent009 - 12/30/2014 11:01:06 AM

0 Boost

Probably would have been easier to cut them a massive check, tell them no taxes for a while, stop hiding safety defects, and don't worry about paying anything back.

Oh yeah, that is what we did.........

TheSteve - 12/30/2014 12:41:17 PM

+3 Boost

Did anyone actually believe the Feds' purchase of GM shares (way above market value) was actually an investment, and not just another way to pump more money into a dying company's coffers? I've been saying that all along, though it wasn't a popular view to express.