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Entries in Payback (1)

Thursday
Oct282010

GM to Return $2.1 Billion to Taxpayers

Photo Courtesy - Getty Images(WASHINGTON) -- The U.S. Department of Treasury Thursday accepted an offer by General Motors to repurchase stock that would give $2.1 billion back to taxpayers.

GM will repurchase its $2.1 billion of Series A preferred stock issued under the Trouble Asset Relief Program.

With the repurchase, taxpayers will have received a total of $9.5 billion from GM through repayments, interest, and dividends, since the company emerged from bankruptcy in July 2009.

That leaves $40 billion in Treasury Department funds invested in GM.

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