Lucky Damn Thing He Got All That Hooting About “Detroit” in the SOTU Over and Done With

…because the “STFU report” came out today.

Taxpayers still owed $132.9B from bailout: report

A government watchdog says U.S. taxpayers are still owed $132.9 billion that companies haven’t repaid from the financial bailout, and some of that will never be recovered.

The bailout launched at the height of the financial crisis in September 2008 will continue to exist for years, says a report issued Thursday by Christy Romero, the acting special inspector general for the $700 billion bailout. Some bailout programs, such as the effort to help homeowners avoid foreclosure by reducing mortgage payments, will last as late as 2017, costing the government an additional $51 billion or so.

…If Treasury plans to sell its stock in the three companies at or above the price where taxpayers would break even on their investment — $28.73 a share for AIG, $53.98 for GM — it may take a long time for the market to rebound to that level, the report says. AIG’s shares closed Wednesday at $25.31, while GM ended at $24.92. Ally isn’t publicly traded.

Why is Ally Financial Inc. a big deal? Because taxpayers own 77% of the company and why don’t you recognize the name?

Because it rebranded itself after being known as GMAC Financial Services became kinda unpopular. Literally WE own the bank.

And will, apparently, for quite some time.

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