Gov't report says US lost $11.2B on GM bailout

NEW YORK (AP) — A new report says taxpayers lost $11.2 billion on the government’s bailout of General Motors.

The estimate comes from a quarterly report Wednesday to Congress by a government watchdog that oversees the bailout, and is up from a previous estimate of $10.5 billion.

The Detroit automaker needed the $49.5 billion bailout to survive its bankruptcy restructuring in 2009. The company went public again in November 2010, and the government sold its last shares of GM in December. The report says the Treasury Department wrote off an $826 million administrative claim against General Motors Co. in March, ending its involvement with the company.

Auto companies received $79.7 billion in the bailout, and the Treasury Department has been repaid $59.1 billion.

The department allocated $474.8 billion to the Troubled Asset Relief Program, or TARP, to bail out banks, insurers, auto companies and others during the financial crisis. It says it has recovered $438.4 billion.

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