Loan 3
Date:
April 22, 2009
Maximum Amount:
$2.10 billion
Deficit Impact:
-$0.04 billion The original $2 billion government purchase of preferred and common stock was all converted into preferred stock in early November 2009, increasing this investment to $2.1 billion.
On December 15th, 2010, GM repurchased all of the preferred stock for $2.14 billion, netting a profit to the Treasury of $40 million.
Notes:
Amount spent indicates loans and other funds issued as of 12/22/2010 (http://www.ustreas.gov/initiatives/eesa/transactions.shtml). Maximum amount is original loan amount. Deficit impact calculated by CRFB, using CBO's practice of estimating costs on a risk-adjusted present value basis. Deficit impact is derived from CBO's overall subsidy rate for assistance to the automobile industry (60%), as listed in CBO's January 2010 baseline.