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GM Bailout Leaves Taxpayers in the Hole for $10 Billion
04/18/2014 at 06:28 am - David Williams

Every Tax Day is a painful reminder of how all levels of government waste taxpayer dollars. News coverage of an April 15th press event with new General Motors CEO Mary Barra (read here and watch here) is a harsh reminder of the $10 billion taxpayers lost in the federal government bailout of “Government Motors.”  And now, the ongoing troubles with their safety recall of 1.6 millions vehicles and the lack of answers made available at a series of Congressional hearings only add insult to injury. There was much debate when the government bailed out GM back in 2009 and taxpayers were promised a return on the nearly $50 billion investment.  However, in late December 2013 the U.S. Treasury Department announced it had sold back its remaining shares of GM stock - at a loss of $10 billion.  As reported by USA Today, the now-departed CEO Dan Akerson said at the time that he did not think the automaker should repay the $10 billion. So $10 billion later, taxpayers also started the New Year to news that GM was recalling 1.6 million vehicles due to a safety issue that is connected to 13 deaths and another 31 injuries. We then learn that the company knew about the safety default and sat on it for nearly a decade.

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Taxpayers Protection Alliance (TPA) is a non-profit, non-partisan organization dedicated to educating the public through the research, analysis and dissemination of information on the government's effects on the economy. Through its network of taxpayers and citizen activists, TPA will hold politicians accountable for the effects of their policies and will offer real solutions to runaway deficits and debt.

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