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Tuesday, December 17, 2013

Banks have mostly repaid the bailout. GM is refusing to do a payback. Remember that when we buy a car.

[GM ] WASHINGTON -- The General Motors bailout may have cost the government $10 billion, but GM CEO Dan Akerson rejects any suggestion that the company should compensate for the losses.
He says Treasury officials took the same risk assumed by anyone who purchases stock.
"I would not accept the premise that this was a bad deal," Akerson said during a question-and-answer session at the National Press Club in Washington. He also said the government's $49.5-billion aid to GM helped save billions of dollars in tax revenue and government social services.
Akerson spoke in the wake of Treasury announcement last week that it sold its last shares in GM and Akerson's decision to retire in January. The automaker's board of directors named Mary Barra, the company's first CEO, to succeed Akerson.

[BANKS] A recent report by the Treasury Department lists $4.68 billion in outstanding TARP payments as of June 30.
Virtually all of the biggest financial institutions, from Bank of America (BAC) and Goldman Sachs (GS) to Wells Fargo (WFC), have repaid their bailouts, with interest and dividends.