Apparently, the cost of the US Treasury’s bailout of General Motors is still being calculated. A new report from the Special Inspector General for the Troubled Asset Relief Program, which oversees the TARP initiative, found that the US government has lost more money on its investment than previously believed.
The report shows that the Treasury actually lost about $11.2 billion in selling the automaker’s stock, up from the roughly $10.3 billion that was previously estimated. Auditors found that the department wrote off an “administrative claim” tied to the bailout worth $826 million, which increased the cost, according to The Detroit Free Press.
At one point, the US Treasury owned 60.8 percent of GM stock, or about 912 million shares. It slowly sold the stake over the course of years, and GM even bought some of the shares back. The government finally divested itself of all of GM in December 2013. Towards the end of the sale, the Treasury predicted it would lose about $9.7 billion on the $49.5 billion investment, but apparently that estimate has proven to be optimistic.