Falling GM stock raises government loss on bailout
General Motors' falling stock price has pushed up the government's loss estimate for the U.S. auto industry bailout.
Tue, 14 Aug 2012 15:54:54 GMT — General Motors' falling stock price has pushed up the government's loss estimate for the U.S. auto industry bailout. The Treasury Department says in a report to Congress that the estimated bailout loss has grown to $25 billion. That's up from the government's previous estimate of $21.7 billion. The latest report estimated the loss as of May 31. GM shares have fallen from $33 in a 2010 initial public stock offering to $22.20 on May 15. They've dropped even more since then. GM stock closed Monday at $20.49, down 5 cents a share. The government spent about $80 billion to bail out GM, Chrysler and Ally Financial. So far it's gotten back just over $37 billion. But the government still owns stakes in GM and Ally that it can sell.
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