Originally Posted by plex
One thing to keep in mind though, the bailout of GM was the most profitable of all the bailouts, along with citigroup. The American people already got everything they put in and then some. The bailout was not free money, it was an investment in an industry that was indirectly hit by the subprime crisis. Unsurprisingly, Freddie Mac and Fannie Mae, which where at the center of the subprime crisis, are still highly unprofitable bailouts.
The GM workers though, and their lost manufacturing jobs due to offshoring, is a completely different issue, and there may have been an opportunity missed to place some restrictions on it. I believe there is some political pressure now to reverse some of that offshoring.
Ah.... not quite right... the taxpayer lost money on GM....
GM Posts Record Earnings: Is It Ready to Repay Bailout? - DailyFinance
"About That Bailout IOU
Technically speaking, GM already has "paid back" the bailout -- some of it in cash, the rest with GM stock. The problem is this: If the government sold its stock at current prices, it wouldn't quite recoup what it lent to GM during the economic crisis. "
What the GM bailout really cost American taxpayers | Fox News
"GM’s sweetheart tax deal has largely slipped under the radar screen, allowing Obama to both rail against tax loopholes and claim the auto bailout cost taxpayers far less than it actually has.-- If GM’s tax gift were counted, the official cost of the bailout would double from $22 billion to $40 billion. "
So, if this is correct, then the official cost of GM is $22 billion.... not a profit...