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The final direct cost to the Treasury of the GM bailout was $11 [94]-12 billion ($10.5 billion for General Motors and $1.5 billion for former GM financing GMAC, now known as Ally). [95] Local tax incentives amounted to $1.7 billion, most of them in Michigan.
On February 18, 2009, General Motors and Chrysler again approached the U.S. government, in regard to obtaining a second bridging loan of $21.6 billion (£15.2 billion). $16.6 billion of this would go to General Motors, while Chrysler would take $5 billion. General Motors agreed to shed 47,000 jobs, close five plants, and axe 12 car models.
Joe Raedle/Getty Images By Eric Beech WASHINGTON -- The U.S. government lost $11.2 billion on its bailout of General Motors (GM), more than the $10.3 billion the Treasury Department estimated when ...
According to an April 2014 report of the Special Inspector General of the Troubled Asset Relief Program, the U.S. government had lost $11.2 billion (~$14.2 billion in 2023) in its rescue of General Motors. The U.S. government spent $50 billion to bail out GM, meaning it recovered 77.6 percent of its investment amount. [7]
On Monday, the U.S. Treasury announced that it was launching a second "pre-defined written trading plan" in order to sell the government's last 241.7 million shares in General Motors . While the ...
General Motors may receive a tax break worth as much as $45.4 billion under the terms of its government-financed restructuring. The credit is a final benefit from the company's multibillion-dollar ...
On 20 February, an administrator was appointed to restructure Saab and assist in it becoming independent of its troubled parent General Motors. General Motors have confirmed their intention to sell their Swedish subsidiary, Saab. [57] Of Sweden's 9 million population, 140,000 work in the car industry and they account for 15% of exports. [56]
Uncle Sam may have made hundreds of millions of dollars after it agreed to stand behind $1 billion in loans to Chrysler in 1979, but 30 years later it stands to lose billions for agreeing to bail ...