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Monday, June 08, 2009
Taxpayers Have $80.3B Invested in Detroit
By Peter Barnes, Senior Washington Correspondent
FOXBusiness
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) 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.
The new accounting, detailed in a regular TARP report the Treasury posted to its Web site late Friday, shows the government more than doubled its commitment to the industry in a month, with the new loans in bankruptcy for GM; $3.8 billion in bankruptcy financing for Chrysler; and another $7.5 billion investment in GMAC, the troubled former auto finance division of GM, among other auto industry-related transactions.
The $30.1 billion investment had been expected after GM filed for Chapter 11 bankruptcy protection.
A copy of the report can be found here.
TARP's automotive-industry financing program investments to date are:
Dec. 29, GMAC LLC, $5 billion
Dec. 29, General Motors, $884,024,131
Dec. 31, General Motors, $13.4 billion
Jan. 2., Chrysler Holding, $4 billion
Jan. 16, Chrysler Financial Services, $1.5 billion
Apr. 22, General Motors, $2 billion
Apr. 29, Chrysler Holding, $500 million
Apr. 29, Chrysler Holding, $280,130,642
May 1, Chrysler LLC, $3.043143 billion
May 20, Chrysler LLC, $756.857 million
May 20, General Motors, $4 billion
May 21, GMAC, $7.5 billion
May 27, New CarCo Acquisition, $6.943 billion
May 27, General Motors, $360,624,198
June 3, General Motors, $30.1 billion






