Taxpayers Lose $10.5 Billion On General Motors Bailout

You know, this could have been a lot worse. So… up-twinkles, I guess. Only losing $10.5 billion on a payoff to special interests (in this case, labor unions) qualifies as a roaring success by current Washington standards. And, sadly, I don’t just mean Obama standards.

Fox Business brings us the happy news that the “G” in GM no longer stands for “Government”:

The Treasury Department on Monday announced that the government has sold its remaining shares of General Motors (GM) and that losses from the 2009 auto industry bailout total about $15 billion.

In a conference call, Treasury officials said the government has recovered about $39.9 billion of the $49.5 billion earmarked for GM under the Troubled Asset Relief Program (TARP) approved by Congress as the company teetered on the brink of bankruptcy nearly five years ago.

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