US Taxpayers Still Losing Big on Obama’s GM Bailout

General Motors(GM) shares fell to a fresh 2012 closing low of 19.57 on Monday. The stock hit 19 in mid-December, the lowest since the auto giant came public at $33 in November 2010 following its June 2009 bankruptcy.

Normally you might say, tough luck investors. But this is Government Motors. The Treasury still owns 26.5% of GM, or 500 million shares. Taxpayers are still out $26.4 billion in direct aid. Shares would have to hit $53 for the government to break even.

Those shares were worth about $9.8 billion as of Monday. That would leave taxpayers with a loss of $16.6 billion.

But that’s not the full tally. Obama let GM keep $45 billion in past losses to offset future profits. Those are usually wiped out or slashed, along with debts, in bankruptcy. But the administration essentially gifted $45 billion in write-offs (book value $18 billion) to GM. So when GM earned a $7.6 billion profit in 2011 (more on that below), it paid no taxes.

Include that $18 billion gift, and taxpayers’ true loss climbs to nearly $35 billion.

And GM is moving to China. Go figure.

They are now "China motors, Inc"...at least in China while the plants here are shutting down and laying off, they are thriving in China.

Have you gotten your share of the sale price yet? Seems the gov't got theirs....as well as the GM execs!

I'm not gonna hold my breath..

General Motors Becoming China Motors

http://www.youtube.com/watch_popup?v=Lvl5Gan69Wo