Beverly Hills 12/10/2009 7:43:02 AM
News / Business

Treasury Department Acknowledges $61 Billion Loss on AIG and Auto Bailouts

Finance World News Update by EQUITIES Magazine

Today the Treasury Department acknowledged the loss of $61 billion from two programs designed to stabilize the economy: $30 million in lifelines to insurance goliath American International Group Inc. (AIG) and $30 million to keep drowning automakers Chrysler and General Motors above water.

Treasury says the losses are offset in part by profits earned from bank bailouts. It says the bank bailouts will net taxpayers $19.5 billion.

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