Remember TV commercials in early 2010 where GM's then-CEO Ed Whitacre proclaimed the automaker had paid back its loans in full? Though technically accurate — the automaker repaid $8.1 billion in loans from the U.S. and Canadian government in April 2010 — the ads suggested taxpayers had no more involvement in Detroit's largest automaker. Critics argued that wasn't the case. When the Bush and Obama administrations orchestrated a $49.5 billion bailout of the ailing automaker in 2008 and 2009, part of the deal involved the U.S. Treasury taking a 61 percent ownership stake in The General. Taxpayers have held a stake until now.
The Treasury announced Monday that it sold its remaining shares in GM, whose U.S. brands include Buick, Cadillac, Chevrolet and GMC. But the automaker may want to hold off an ad blitz this time around. That's because the final chunk of a progressive sell-down means we can finally total the losses, and the bill for taxpayers is $10.5 billion.