Ohio members of Congress disappointed after meeting with GM CEO Mary Barra

[delisen]

3. GM is not sentimental; what did Ohio expect?

Supposedly The US government and taxpayers lost 11 billion on bailing out GM although GM claims otherwise

https://www.thebalance.com/auto-industry-bailout-gm-ford-chrysler-3305670

The U.S. government’s $80.7 billion bailout of the auto industry lasted from December 2008 to December 2014. The U.S. Department of the Treasury used funds from the Troubled Asset Relief Program. In the end, taxpayers lost $10.2 billion.


The Big Three automakers asked Congress for help similar to the bank bailout. They warned that General Motors Company and Chrysler LLC faced bankruptcy and the loss of 1 million jobs. The Ford Motor Company didn't need the funds since it had already cut costs. But it asked to be included so it wouldn't suffer by competing with companies who already had government subsidies.


The Treasury Department lent money and bought stock ownership in GM and Chrysler. It provided incentives to spur new car purchases. In effect, the government nationalized GM and Chrysler just as it did Fannie Mae, Freddie Mac, and the American International Group.


Bailout Details
Here's the bailout breakdown. It shows what the government invested. It then shows what Treasury sold the shares for, including what it received in its debt repayment. It then calculates the taxpayer’s profit or loss.

Company Invested Sold For Profit/Loss Date Bailout Ended
GM $51.0 billion $39.7 billion -$11.3 billion Dec. 9, 2013
GMAC (Ally) $17.2 billion $19.6 billion +$2.4 billion Dec. 18, 2014
Chrysler $12.5 billion $11.2 billion -$1.3 billion May 2011
TOTAL $80.7 billion $70.5 billion - $10.2 billion