Plenty folks, including President Obama, will argue that the government bailout of the auto industry during this past recession helped save jobs and keep the economy afloat.
Then there will be those who will say it cost the government too much.
Whatever the case, David Shepardson of the Detroit News reports that the U.S. government lost $9.26 billion on the auto industry rescue, according to the final accounting released late Monday.
The News writes:
In its report, the U.S. Treasury Department said it recovered $70.43 billion of the $79.69 billion it gave to General Motors Corp., Chrysler LLC and auto lending arms Ally Financial Inc. and Chrysler Financial. The government was repaid through a combination of stock sales, partial loan repayments, dividends and interest payments.
The books are closed on the program because the Treasury, on Dec. 19, sold its final 11.4 percent stake in Ally, the Detroit-based auto lender and bank-holding company formerly known as GMAC. The bailouts began in December 2008 under President George W. Bush with $25 billion in aid to GM, Chrysler and their lending arms. President Barack Obama added about $55 billion to the total.
