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Government Motors Still Owes Taxpayers $42 Billion

Buck O Wrote: Jul 27, 2012 12:29 PM
But..."IT WORKS!" Ha! Ha! Ha!

President Obama and his supporters have been more than happy to tout his bailout of the auto industry, but General Motors still owes taxpayers $42 billion according to an Inspector General's report and the company's stock has hit an all time low.

GM owes $27 billion on the nearly $50 billion it received from the auto bailout and Ally Bank, the company’s lending arm, owes $14.7 billion of the $17.2 billion taxpayer-funded bailout it received.

GM’s stock has plummeted in recent months after stagnant development in overseas markets. It hit a new low on...