Watchdog Report Shows Taxpayers Still Owed $132.9 Billion

0 Shares

According to a government watchdog, American taxpayers are still owed $132.9 billion from companies that have yet to pay after receiving Federal money for a bailout. The Associated Press reported that some of this will never be received.

The bailout that was launched at the height of the financial crisis in September 2008 will continue to exist for years, noted a report issued by Christy Romero, the acting special inspector general for the $700 billion bailout.

The AP reported that some bailout programs, such as the effort to help homeowners avoid foreclosure through lowered mortgage payments, may last until 2017. This would cost the government an estimated additional $51 billion.

The fluid nature of the stock market has slowed efforts by the Treasury Department to sell off its stakes in 458 bailed-out companies, including American International Group, General Motors and Ally Financial, according to the news outlet.

The Wall Street Journal reported that the watchdog found that exiting these investments could be difficult in coming years, due to the state of the financial markets.

Personal Liberty

Special To Personal Liberty

You Sound Off! is written by our readers and appears the last Wednesday of each month. If you would like to submit an article or letter to the editor for consideration for You Sound Off!, send it to yousoundoff@personalliberty.com by the Friday before the last Wednesday of the month. To be considered, a submission should be 750 words or less and must include the writer's name, address and a telephone number. Only the writer's name will be published. Anonymous submissions will not be considered.

Join the Discussion

Comment Policy: We encourage an open discussion with a wide range of viewpoints, even extreme ones, but we will not tolerate racism, profanity or slanderous comments toward the author(s) or comment participants. Make your case passionately, but civilly. Please don't stoop to name calling. We use filters for spam protection. If your comment does not appear, it is likely because it violates the above policy or contains links or language typical of spam. We reserve the right to remove comments at our discretion.