Did GM take a bailout?
December 19, 2008: President Bush approved a bailout plan and gave General Motors and Chrysler $13.4 billion in financing from TARP (Troubled Assets Relief Program) funds, as well as $4 billion to be “withdrawn later”.
Did GM get a bailout in 2008?
On this day in 2008, a week after Senate Republicans killed a Democratic-sponsored bailout bill, asserting it failed to impose sufficient wage cuts on autoworkers, President George W. Bush announced a $17.4 billion bailout to General Motors and Chrysler, of which $13.4 billion would be extended immediately.
How much was the bailout for GM?
The U.S. government lost $11.2 billion on its bailout of General Motors, according to a 2014 government report. The government invested about $50 billion to bail out GM as a result of the company’s 2009 bankruptcy, and at one time held a 61 percent equity stake in the Detroit-based automaker.
Did GM payback the bailout money?
In total, GM received $52 billion from the U.S. government, but only $6.7 billion of this amount was considered a loan. The company already paid back $2 billion, so this $4.7 billion is the last payment.
What happened with the GM bailout?
About 20 percent of the total TARP funds — $80 billion — went to bail out General Motors and Chrysler. As described in an account of the crisis, “Detroit Back From the Brink,” by Chicago Fed economists Thomas H. Klier and James Rubenstein, the automakers were headed for insolvency as auto sales plummeted.
How much did GM bailout cost taxpayers?
General Motors Bailout Cost Taxpayers $11.2 Billion The U.S. government spent $49.5 billion to bail out GM, and after the company’s bankruptcy in 2009, the government’s investment was converted to a 61 percent equity stake in the company.
How did government save GM?
The U.S. government spent about $50 billion to bail out GM. As a result of the company’s 2009 bankruptcy, the government’s investment was converted to a 61 percent equity stake in the Detroit-based automaker, plus preferred shares and a loan.
Did GM pay back the Canadian government loan?
The federal government bailed out GM and Chrysler in 2009 with $13.7 billion in public money. Only about $10 billion was ever recovered. And CBC News has obtained documents suggesting at least some of the remaining loan has been written off as unrecoverable.
Does General Motors still owe the government money?
If you’re keeping score (and you should be) here’s a rundown of how some of the government’s largest auto industry investments turned out: GM: repaid $23.1 billion of the $49.5 billion it got from the U.S. Treasury, including all of its outstanding loans. But Treasury still owns 500 million shares, or 32%, of GM stock.
Who bailed out GM?
Bush announced that he had approved the bailout plan, which would give loans of $17.4 billion to U.S. automakers GM and Chrysler, stating that under present economic conditions, “allowing the U.S. auto industry to collapse is not a responsible course of action.” Bush provided $13.4 billion immediately, with another $4 …
How much does GM owe the Canadian government?
The numbers were big. GM received assistance worth about $65 billion, 17 per cent of which came from Canadian treasuries: $7.2 billion from Ottawa and $3.6 billion from the Ontario government, according to the Auditor General.