Profit?
Audit finds U.S. taxpayers losing $61B on AIG and GM, Chrysler bailouts
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Wed Dec 9, 6:31 PM
By Daniel Wagner, The Associated Press
WASHINGTON - The U.S. Treasury Department is acknowledging for the first time that it lost $61 billion on two key programs designed to stabilize the economy after the largest financial crisis in decades.
According to an audit of Treasury data by the Government Accountability Office, the U.S. government is losing more than $30 billion on lifelines extended to insurance giant American International Group Inc.
It also is losing more than $30 billion on the rescue of struggling automakers Chrysler and General Motors.
Treasury says the losses are offset in part by profits earned from bank bailouts.
It says the bank bailouts will net taxpayers $19.5 billion.
Over all, the bailouts are projected to cost taxpayers $41.5 billion.
