Thursday, June 11, 2009

Taxpayers Have $80.3B Invested in Detroit

"The taxpayers’ investment in the U.S. auto industry rose to $80.3 billion, after the U.S. Treasury provided a new $30.1 billion bankruptcy loan to General Motors (GMGMQ: undefined, undefined, undefined%) on Wednesday, two days after GM filed for bankruptcy, a new Treasury report said."

"The funding amounts, through 15 transactions since December, total more than 10% of the $700 billion in bailout money Congress approved for the Troubled Asset Relief Program, or TARP, in October, when it was expected to help stabilize mainly banks."

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