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GM, Hartford repay $4.4b of bailout money

GM, Hartford repay $4.4b of bailout money

The Treasury Department says automaker General Motors Co. and insurer Hartford Financial Services Group Inc. have repaid billions of bailout dollars.
Treasury says GM repaid $1 billion of $6.7 billion in loans it received as part of a $50 billion rescue. Hartford repaid its entire $3.4 billion bailout.
The money came from a $700 billion bailout that Congress passed in October 2008 amid the worst financial crisis in generations.
The payments mean Treasury has been repaid $181 billion of the money it disbursed. Both repayments were announced by the companies earlier this week.
Treasury expects to turn a profit on its investments in banks. But taxpayers are likely to lose more than $100 billion on the automakers and insurance giant American International Group Inc.


Updated : 2021-08-01 19:30 GMT+08:00