XPost: ba.politics, dc.media, soc.penpals   
   XPost: alt.burningman   
   From: careymei@parasite.com   
      
   Losing money is a success story according to Obama.   
      
   Taxpayers lost nearly $1 billion more on the General Motors   
   bailout than the Treasury Department estimated when it sold its   
   last GM shares on Dec. 9, according to a government report   
   released on Wednesday.   
      
   The loss now is recorded as $11.2 billion, up from $10.3   
   billion. A Treasury Department auditor said the government had   
   written off on March 20 an $826-million "administrative claim"   
   tied to the bailout and not included in the initial estimate.   
      
   The figure surfaced in a report by the Office of the Special   
   Inspector General for the Troubled Asset Relief Program (TARP),   
   which was charged with overseeing the federal government's   
   economic stimulus program. The money for GM came from that   
   program.   
      
   A spokesman for the inspector general could not be reached   
   immediately to provide details about the administrative claim.   
      
   The Bush and Obama administrations collectively distributed   
   $50.2 billion to GM in late 2008 and early 2009 to help the   
   company survive the economic crisis and navigate Chapter 11   
   bankruptcy in June and July 2009. The cash proved crucial in   
   saving the automaker and preventing a disruption in the auto   
   industry supply chain, according to Center for Automotive   
   Research studies.   
      
   Said Treasury spokesman Adam Hodge on Wednesday, "The goal of   
   Treasury's investment in GM was never to make a profit, but to   
   help save the American auto industry, and by any measure that   
   effort was successful."   
      
   http://www.usatoday.com/story/money/cars/2014/04/30/taxpayers-gm-   
   bailout-losses/8522681/   
      
       
      
   --- SoupGate-Win32 v1.05   
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