• News
  • Guides
  • Reviews
  • Media
  • About
  • News
  • Guides
  • Reviews
  • Media
  • About
Sign up Now (For Free)

Sign up for our newsletter and receive the latest automotive news in your inbox!

Invalid email address
We promise not to spam you. You can unsubscribe at any time.
Thanks for subscribing!
News
Read Now
  • All News
  • Automakers
  • Automobiles
  • Auto Shows
  • Business
  • EVs & Environment
  • Guides
  • Lawsuits/Legal
  • Regulatory
  • Ride-Sharing
  • Safety & Recalls
  • Technology
Recent
  • Mazda Turbocharges its Carbon Roster
  • Ford Recalls 125K Vehicles Due to Fire-Causing Engine Failures
  • Honda “At the Crossroads” as it Races to Catch Up with EV Leaders
  • Cyclists, You’re Less Likely to Get Hit by a Subaru
  • Chevrolet Celebrates Camaro with Collector’s Edition
  • Volvo Rides EVs to Big Uptick in May Global Sales
  • Materials Needed for EVs is a Growing Headache
  • GM Investing Over $1 Billion in Two Plants to Roll Out New Heavy-Duty Pickups
  • Week Ahead: New Cars, New EVs and New Tech
  • All-Electric Buzz Debut Conjures Up Tales of VW’s Past
Editor’s Choice
    Reviews
    Read Now
    • All Reviews
      • Feeder
    • Classic Cars
    • Concept Cars
    • Convertibles
    • Coupes
    • Crossovers/CUVs
    • Diesel
    • Hot hatches
    • Hybrids
    • Luxury Vehicles
    • Minivans
    • Muscle Cars
    • Pickups
    • Sedans
    • Sports Cars
    • Super Cars
    • SUVs
    Recent Reviews
    • A Week With: 2023 Volkswagen Golf GTI 2.0 SE
    • A Week With: 2023 Kia Niro SX Touring
    • A Week With: 2023 Alfa Romeo Stelvio Estrema Q4
    • A Week With: 2023 Lexus NX 350h Luxury
    • A Week With: 2023 Volkswagen Tiguan SEL R-Line
    • First Drive: 2024 Toyota Grand Highlander
    • A Week With: 2023 Ford Mustang Mach-E Premium RWD
    • A Week With: 2023 Electrified GV70 AWD Prestige
    • A Week With: 2023 BMW XM
    • A Week With: 2023 Mercedes-Benz GLS 580 4Matic
    Editor’s Choice
      Guides
      Car Warranty
      • Endurance Warranty Reviews
      • BMW Extended Warranty
      • Extended Warranty For Cars Over 100k Miles
      • Extended Car Warranty Cost
      • Subaru Extended Warranty
      • CarShield Reviews
      • CarShield Cost
      • Aftermarket Car Warranty
      • CARCHEX Warranty Reviews
      • Reputable Extended Car Warranty Companies
      • Used Car Warranty Companies
      • Best Car Warranty
      • Is CarShield A Scam?
      • Mercedes Extended Warranty
      • CarShield Plans
      Insurance
      • How To Identify A Car Insurance Company
      • Geico Mechanical Breakdown Insurance
      • How Far Back Does A Car Insurance Company Look
      • Mechanical Breakdown Insurance For Used Cars
      • State Farm Mechanical Breakdown Insurance
      • Mechanical Breakdown Insurance From Progressive
      • Dollar A Day Insurance
      • Auto Insurance For SSI Recipients
      • Car Insurance Rates After A Suspended License
      • Auto Insurance For Salvage Vehicles
      • Average Cost of Dodge Ram 1500 Car Insurance
      • Car Insurance Florida
      • Full Coverage Auto Insurance
      • GrubHub Insurance
      • Amazon Delivery Auto Insurance
      Shipping
      • Car Shipping Companies
      • uShip Reviews
      • Auto Shipping From California To Hawaii
      • Montway Auto Transport Reviews
      • Cheap Car Shipping
      • Easy Auto Ship Reviews
      • Auto Shipping Miami
      • Auto Shipping To Alaska
      • Car Shipping Cost
      • Auto Shipping Hawaii
      • Auto Shipping Puerto Rico
      • Sherpa Auto Transport Reviews
      • Auto Shipping Atlanta
      • Auto Shipping Boston
      • Auto Shipping. Chicago
      About
      • About Us
      • Contact Us
      • Terms of Use
      • Privacy Policy
      • Affiliate Disclosure
      • Sitemap
      TheDetroitBureau.com

      More than just “another” place to find news, reviews, spy shots, commentary, features, and guides about the auto industry. TheDetroitBureau doesn’t stop with the press releases or confuse a few lines of opinion with insightful, in-depth reporting.

      Contact Us

      Like what you see? Have some ideas for making The Detroit Bureau.com even better? Let us know, we’d love to hear your voice.

        Media
        Listen Now
        • Headlight News: All Episodes
        More from TheDetroitBureau
        • Guides
        • Latest News
        • Auto Reviews
        • Podcasts
        Headlight News

        TheDetroitBureau.com’s Headlight News offers a look at the past week’s top automotive news stories, as well as what’s coming up in the week ahead. Check out the week’s top story and our latest review…along with a dive into the past with this week in automotive history.

        home > news > Automobiles > Taxpayers Taking Bigger Hit on GM Bailout

        Taxpayers Taking Bigger Hit on GM Bailout

        Total rises to $11.2 billion after accounting error.

        Michael Strong
        Michael Strong , Managing Editor
        April 30, 2014
        The government bailout of General Motors is going to cost taxpayers $11.2 billion: $826 million more than originally expected.

        U.S. taxpayers are taking a bigger loss on the General Motors bailout package than $10.3 billion originally reported. Due to an accounting error, the loss is actually $11.2 billion, according to a report released today.

        The Treasury Department reported an $826-million administrative claim had been written off on March 20. However, the claim, which has not been revealed, cannot be written off.

        In the Know!

        The figure surfaced in a report by the Office of the Special Inspector General for the Troubled Asset Relief Program, which was charged with overseeing the federal government’s economic stimulus program.

        The U.S. government provided GM a $49.5 billion bailout package in 2009 as the company exited bankruptcy. The package was composed of a loan to the maker as well as the government taking an ownership stake in the company.

        The Treasury Department proceeded to begin selling off its stake in the company in 2012 with the last of the shares divested last December.

        The bailout, which began with the Bush Administration and was completed with the succeeding Obama Administration, had many critics, including former Republican presidential candidate Mitt Romney.

        (U-M escalating connected car research. For more, Click Here.)

        According to report produced last year, the bailouts saved at least 1.2 million U.S. jobs in 2009.

        (Click Here to get details on larger possible fine for recall violations.)

        Others suggest that GM should repay the losses, but that notion was dismissed by then-CEO Dan Akerson, who told an audience at the National Press Club last December that the government took a risk like any other investor – including those wiped out when GM filed for Chapter 11 protection.

        (To see how new products are driving Daimler earnings, Click Here.)

        And, he stressed, the bailout was far less expensive than the tens of billions of dollars in lost taxes and other revenues that would have been lost if GM had gone out of business.

        How to Care for Your Car

        Cheap Car Warranty

        Editor's Choice

        Best Extended Car Warranty

        Editor's Choice
        Recently Published
        2024 Mazda Carbon Turbo CX-5 model REL

        Mazda Turbocharges its Carbon Roster

        Yesterday
        2022 Ford Maverick Lariat

        Ford Recalls 125K Vehicles Due to Fire-Causing Engine Failures

        Yesterday
        Honda Prologue - teaser

        Honda “At the Crossroads” as it Races to Catch Up with EV Leaders

        Yesterday

        3 responses to “Taxpayers Taking Bigger Hit on GM Bailout”

        1. Jorge M. says:
          May 1, 2014 at 10:43 am

          This is an absolute disgrace! The incompetence in structuring the loan is inexcuseable as is GM’s failure to repay tax payers 100% plus interest.

          Reply
        2. Gene D says:
          May 2, 2014 at 6:14 pm

          With an $826 million accounting error coming to light, it makes you wonder if 1.2 million jobs were saved in 2009. Then again how many of the 1.2 million jobs continue to have been saved over the last 5 years?

          Reply
        3. J-Dub says:
          May 7, 2014 at 7:18 pm

          Saved My Job!
          And I still pay taxes! I think Bush ever day! Just wish he could of taught the Obama Administration how to add and subtract!

          Reply

        Leave a Reply Cancel reply

        Your email address will not be published. Required fields are marked *

        Share this article:
        © The Detroit Bureau 2023
        • Guides
        • Privacy Policy
        • Terms of Use
        • Affiliate Disclosure
        • Contact Us
        • Sitemap
        Follow Us: