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GM, Hartford repay $4.4B of bailout money

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[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 This material may not be published, broadcast, rewritten or redistributed.

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