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(AP) WASHINGTON - A government watchdog says U.S. taxpayers are still owed $132.9 billion that companies haven't repaid from the financial bailout, and some of that will never be recovered.
The gyrating stock market has slowed the Treasury Department's efforts to sell off its stakes in 458 bailed-out companies, the report says. They include insurer American International Group Inc., General Motors Co. and Ally Financial Inc.
If Treasury plans to sell its stock in the three companies at or above the price where taxpayers would break even on their investment — $28.73 a share for AIG, $53.98 for GM — it may take a long time for the market to rebound to that level, the report says. AIG's shares closed Wednesday at $25.31, while GM ended at $24.92. Ally isn't publicly traded.
It will also be challenging for the government to get out of the 458 companies as the market remains volatile and banks struggle keep afloat in the tough economy, it says.
Maybe the Administration can hire some new federal employes to collect this money owed to the taxpayers. And while they are at it. How about getting our 6 billion back from the failed green energy failures.
Tax dollars backing some "risky" energy projects
CBS News counted 12 clean energy companies that are having trouble after collectively being approved for more than $6.5 billion in federal assistance. Five have filed for bankruptcy: The junk bond-rated Beacon, Evergreen Solar, SpectraWatt, AES' subsidiary Eastern Energy and Solyndra.
When you hear arguments for higher taxes involving Warren Buffett, remember: Buffett's company Berkshire Hathaway is fighting with the IRS to avoid paying $1 billion in taxes.
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