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Bank of America Corporation Message Board

  • oh_mama_say_it_aint_so oh_mama_say_it_aint_so Jan 30, 2013 7:37 AM Flag

    Taxpayers stand to lose $27B in bailout..Obama Ally Financial and Obama General Motors

    Ally Financial, the former financial arm for General Motors, still owes $14.6 billion of the $17.2 billion in aid it received. The report says taxpayers can expect to lose $5.5 billion on that investment because of the company's losses on risky mortgages issued ahead of the financial crisis.

    The report also criticized the Treasury for lacking a plan to unwind its investment in Ally. Taxpayers own 74 percent of the company.

    Ally and GM together owe more than half of the $67.3 billion still owed U.S. taxpayers by companies that were bailed out during the financial crisis, according to the quarterly report to Congress by Special Inspector General Christy Romero.

 
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