Report: Taxpayers still owed $133B from bailout
http://www.nationalmemo.com/article/report-taxpayers-still-owed-133b-bailout
Some of the money will never be recovered. That's the conclusion of the acting inspector general for the government's financial bailout. Some bailout programs, like the effort to reduce home foreclosures, will last as late as 2017, the inspector general said. Those programs could cost an additional $50 billion or more.
Among the largest bailed-out companies, American International Group Inc. still owes taxpayers around $50 billion, General Motors Co. owes about $25 billion and Ally Financial Inc. about $12 billion.
The 371 banks that still owe money include Regions Financial Corp., which owes $3.5 billion; Zions Bancorporation, $1.4 billion; Synovus Financial Corp., $967.9 million; Popular Inc., $935 million; First Bancorp of San Juan, Puerto Rico, $400 million; and M&T Bank Corp., $381.5 million.
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For Treasury to sell its stock in the largest recipients at the price where taxpayers would break even — $28.73 a share for AIG, $53.98 for GM — it could take years, the report says. AIG's shares closed Wednesday at $25.31. GM ended at $24.92. Ally isn't publicly traded.
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