Taxpayer Loss on Obama GM Bailout Now Up to $11.2 Billion

This is why I found the embrace of the Cadillac electric car ad more than a little ridiculous. Government Motors making a car no one wanted by government mandated was suddenly acting like it embodied the free market.

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Sadly no. Not even close. Not unless the free market is government subsidized.

The U.S. government posted a deeper loss than initially recorded on the General Motors bailout, according to a government report released today.

Taxpayers lost $11.2 billion on the GM bailout, up from $10.3 billion the Treasury Department estimated when it sold its last GM shares on Dec. 9.

A Treasury Department auditor said the government had written off an $826-million “administrative claim” tied to the GM bailout on March 20.

A spokesman for the inspector general could not be reached immediately to provide details about the administrative claim.

Which means the real figure buried deep in the paperwork is probably even higher.