Sponsored by: Investment Center

Something new in your business?  Click here to submit your business press release

Chamber Corner | Main Street News | Job Hunt | Classifieds | Calendar | Illinois Lottery 

GM, Hartford repay $4.4B of bailout money

Send a link to a friend

[April 20, 2010]  WASHINGTON (AP) -- The Treasury Department says automaker General Motors Co. and insurer Hartford Financial Services Group Inc. have repaid billions of bailout dollars.

HardwareTreasury says GM repaid $1 billion of $6.7 billion in loans it received as part of a $50 billion rescue. Hartford repaid its entire $3.4 billion bailout.

The money came from a $700 billion bailout that Congress passed in October 2008 amid the worst financial crisis in generations.

The payments mean Treasury has been repaid $181 billion of the money it disbursed. Both repayments were announced by the companies earlier this week.

Treasury expects to turn a profit on its investments in banks. But taxpayers are likely to lose more than $100 billion on the automakers and insurance giant American International Group Inc.

[Associated Press; By DANIEL WAGNER]

Copyright 2010 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.


< Recent articles

Back to top


News | Sports | Business | Rural Review | Teaching & Learning | Home and Family | Tourism | Obituaries

Community | Perspectives | Law & Courts | Leisure Time | Spiritual Life | Health & Fitness | Teen Scene
Calendar | Letters to the Editor