Feds Close Books on Auto Bailout
The U.S. government lost $9.26 billion in its financial rescue of the auto industry, and closed out its last investment earlier this month six years after initiating the plan.
The U.S. government lost $9.26 billion in its financial rescue of the auto industry, and closed out its last investment earlier this month six years after initiating the plan.
The U.S. Treasury Department closed out its investment in Ally Financial on Dec. 19, selling an 11.4 percent stake in the auto lender and recovering $2.4 billion more than it invested, reports the Detroit News.
However, the bigger picture wasn't as profitable. Treasury recovered $70.43 billion of the $79.69 billion it gave to General Motors Corp., Crysler LLC, Chrysler Financial, and Ally. Ford Motor Co. declined to take financial assistance when the bailouts began in December of 2008. President George W. Bush allocated $25 billion, and President Barack Obama added another $55 billion.
The federal government's loss was better than initially expected. An early-2009 estimate put the loss at $44 billion. The Treasury Department gave final numbers in a Dec. 29 report on the program.
Originally posted on Automotive Fleet
More Operations
We're Back! Business Fleet Returns With a Fresh New Look
Check out our redesigned website with a faster experience and a renewed commitment to serving small fleet professionals.
Read More →
Fleet Impacts Everything Even When It’s Not ‘Fleet’
Small fleet managers do far more than manage vehicles. From operations to safety and retention, fleet impacts nearly every part of the business.
Read More →
DECKED Program Highlights Growing Need for Work-Life Balance Among Fleet Dads
DECKED’s “Dad Time Off” initiative puts the spotlight on work-life balance by giving 100 dads a paid day away from the job.
Read More →
Linxup Partners with Applause to Help Reward, Retain Safe Drivers in Field Service
Linxup and Applause partnered to combine driver safety data, technician performance metrics and customer feedback into a single incentive platform aimed at improving retention and service performance.
Read More →
Trucker Path and Truckstop.com Expand Freight Access for Carriers and Brokers
Trucker Path and Truckstop.com partnered to integrate Truckstop freight listings into the TruckLoads mobile app, expanding load availability and carrier access across North America.
Read More →
The Small Fleet Leader’s Guide to Reducing Stress Today
Here’s a more realistic playbook for small fleet leaders who want to stay effective without burning out.
Read More →
From Small-Town Minnesota to Fleets Nationwide: Sheldon Zitzmann of TigerTough
What does it take to grow a fleet-focused brand in a town with fewer than 300 people? If you care about fleet durability, American manufacturing, or stories that start small and scale smart, this one’s for you.
Read More →
15 Ways to Run a Smarter Small Fleet When You’re Short on Time
Small fleet managers: boost efficiency, reduce downtime, improve maintenance, and run a smarter fleet with these 15 quick, practical time-saving tips.
Read More →
The 6 New Rules of Running a Small Fleet in 2026
Learn the six rules to boost safety, lower operating costs, improve uptime, and streamline daily operations for small fleet operations.
Read More →
Smarter Transits, Small Fleet Stress & Pickup Lifespans in 60 Seconds
Small fleets are feeling maxed out. A new survey shows paperwork and downtime are crushing productivity, but 83% say they’re ready for automation. Catch the week’s top fleet updates in one quick minute.
Read More →