- GM did not repay taxpayers through GM profits.
- GM used TARP funds to repay TARP fund obligations. They used taxpayers’ monies to “repay” taxpayers.
- In April of 2010, Obama announced GM had “repaid its loans”. At this time, GM stilled owed taxpayers $44 Billion.
- In November 2010, GM went public and the IPO generated $11 Billion in stock, which was repaid to taxpayers.
- Currently, GM still owes taxpayers about $33 Billion. This assumes the stock price does not falter or the debt will increase.
- Government (Taxpayers) currently own 33% of GM stock. GM still owes taxpayers $33 Billion.
- At the beginning of 2012, GM had $25.4 Billion in unfunded union pension liabilities, up from $22.2 Billion at the start of 2011.
The government, taxpayers, gave GM $50 Billion in assistance. Some of it was in loans (about 20%), most of it was in “stock purchases”. It’s still $50 Billion in cash.
GM used its IPO (sold stock) to generate enough cash to repay the “loans”. But it’s never repaid the $33 Billion taxpayers lent it that’s sitting in “shares of stock”.
And the only way we, taxpayers, will ever get repaid will be if GM stock rises enough to cover a $33 Billion bar tab, then issues another series of IPOs to generate that cash. And that will only come after GM raises enough money to cover its unfunded pension liabilities; liabilities for which taxpayers are on the hook as a 33% shareholder.
Someday, perhaps even in your lifetime, GM may get around to paying taxpayers back.
But as of today, it has not.