Little Hope Taxpayers Break Even On GM Bailout - Spokane, North Idaho News & Weather KHQ.com

Little Hope Taxpayers Break Even On GM Bailout

DETROIT (AP) - There's little hope that taxpayers will break even on the government's $49.5 billion bailout of General Motors.

A government watchdog says the Treasury would have to sell its GM stock for $95.51 per share to get its money back. The shares closed Tuesday at $36.61.

Treasury hopes to sell the 189 million GM shares it still owns by early next year.

The special inspector general for the Troubled Asset Relief Program says taxpayers are still $18.1 billion in the hole on the bailout, which GM needed to survive its bankruptcy restructuring in 2009.

Since leaving bankruptcy, GM has earned $17.2 billion. In exchange for the bailout, the government got GM stock. It has reduced its GM stake from 61 percent in 2009 to 14 percent as of last month.

(Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

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