GM Won’t Pay Back $10 Billion Bailout Loss, Says Akerson

General Motors won’t be covering the $10 billion the US government lost on the Detroit manufacturer’s bailout, chairman and CEO Dan Akerson said earlier this week.
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Photo: AP
GM’s outgoing boss argued that the government accepted the risk by accepting shares in the company and that the 2009 bailout saved billions of dollars in tax revenue and millions of jobs.

“I would not accept the premise that this was a bad deal. Net-net, it was a positive for the US economy,” Akerson said at the National Press Club in Washington D.C.

The US government lost about $10 billion to save General Motors, recovering only $39 billion of the $49 billion it spent on the 2009 bailout.

The Treasury sold off the last of its remaining shares in General Motors about two weeks ago. 9.2 percent of GM is still owned by the UAW, while the Canadian government has 7.2 percent of the company.

Story via DetroitFreePress
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Ask Ciprian about cars and he'll reveal an obsession with classics and an annoyance with modern design cues. Read his articles and you'll understand why his ideal SUV is the 1969 Chevrolet K5 Blazer.
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