The Patriot Post® · Taxpayers Lose $10.5B on GM

According to The Washington Times, “Treasury Secretary Jacob Lew announced Tuesday that the government sold its remaining shares in the Detroit automaker,” General Motors. And it netted taxpayers a loss of only $10.5 billion! “The government received 912 million GM shares, or a 60.8 percent stake, in exchange for a $49.5 billion bailout during the financial crisis in 2008 and 2009,” the Times reports. “It recovered $39 billion of the money, meaning taxpayers came up more than $10 billion short.” On there other hand, this might just be the most “profitable” investment we’ve seen yet under this administration.