The U.S. government spent about $50 billion to
bail out GM. As a result of the company's 2009 bankruptcy, the
government's investment was converted to a 61 percent equity
stake in the Detroit-based automaker, plus preferred shares and
Treasury whittled down its GM stake through a series of stock
sales starting in November 2010, with the remaining shares sold
on December 9, 2013.
At the time of the December sale, Treasury put the total loss at
$10.3 billion but said it did not expect any significant
proceeds from its remaining $826 million investment in "old" GM,
the report by the Office of the Special Inspector General for
the Troubled Asset Relief Program said.
"The goal of Treasury's investment in GM was never to make a
profit, but to help save the American auto industry, and by any
measure that effort was successful," Treasury Department
spokesman Adam Hodge said.
The U.S. bailout of GM and Chrysler, which received about $12.5
billion, saved 1.5 million jobs in the United States, according
to the Center for Automotive Research.
Last week, GM posted its 17th consecutive profitable quarter.
Earnings, however, were hurt by a $1.3 billion charge for the
costs of various recalls, including for faulty ignition switches
on 2.6 million cars.
GM is under investigation by the Justice Department, U.S. auto
safety regulators and Congress over its failure to detect the
faulty ignition switch for over a decade. The U.S. Securities
and Exchange Commission is also investigating GM.
(Reporting by Eric Beech; editing by Matthew Lewis and Peter
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