Fed Closes The Book On Bailout With Over $9 Billion In Losses - If They Were Your Money Manager Would You Have Fired Them Long Ago?

The U.S. government lost $9.26 billion on the auto industry rescue, according to the final accounting released late Monday.

In its report, the U.S. Treasury Department said it recovered $70.43 billion of the $79.69 billion it gave to General Motors Corp., Chrysler LLC and auto lending arms Ally Financial Inc. and Chrysler Financial. The government was repaid through a combination of stock sales, partial loan repayments, dividends and interest payments.

The books are closed on the program because the Treasury, on Dec. 19, sold its final 11.4 percent stake in Ally, the Detroit-based auto lender and bank-holding company formerly known as GMAC. The bailouts began in December 2008 under President George W. Bush with $25 billion in aid to GM, Chrysler and their lending arms. President Barack Obama added about $55 billion to the total.