The audacity of a company that intentionally plunged itself into bankruptcy to steal over $30 billion of American taxpayer money - all interest and tax free.    Having killed more of its customers with the faulty ignition switch than Ford killed with the Pinto in the 1970's, it is now getting too big for its britches by its advertising.

The revolting and mocked by Mahk Chevrolet commercials featuring real stupid people have now reached the point where no one can suspend disbelief long enough to get through the commercials as they played.

Now Chevrolet claims its quality is better than the Duh sisters, Hon and Toyo.

Oh, please.   That bothers me.

Apparently the uproar about this series has reached the point where the real people are going to be executed and the commercial series is falling like a rock.

But the professional grade Chevrolets, the cosmetic twins of Chevrolet, has decided it wants to make something even more irritating - Nanananananana about a flap in a tailgate that morphs into a step.

The problem here is that we keep hearing the irritating noises from this commercial when it is played - it is like fingernails on a chalkboard.   However cute the innovation might be, the commercial reduces it to a kindergarten taunt.

Right now GM is a morass of nothing - it is cutting cars and its biggest innovation in a decade is a flap in a pickup tailgate.   Even the bait and switch car to get a bailout, the VaporVolt, is history.

And just remember you paid $30 billion for this company to stick their tongues out at you.

Just continue to not buy their products as they use shit tactics to sell it.

Apparently the media is only inquisitive about taxes paid when it involves Donald J. Trump.   And to get this information they illegally obtained information (that means they stole) to support their "hunch" that Trump has escaped paying taxes.

Did I mention the New York Times is the one breaking this story?  

And that now over 17% of that leftist rag is owned by an Mexican billionaire (who has motive to sack Trump's election).

Well.

Stop the presses!

In 2009, the Obama Administration illegally allowed Obama Motors (trading as "the new GM") to use $14 billion in loss credits to offset future profits that were from the bankrupt company - "the real GM."     The only entity to blame for this disgusting conduct is King Pimple of a Man - he forced GM into bankruptcy and the terms of the bankruptcy allowed the new GM to take the loss credits from the old GM while also trying to avoid any legal responsibility for GM product defects from the old GM that killed customers!

In contrast, Trump is said to have used $900 million in losses (all legally) to offset taxes.    When you make big money you also can lose big dollars.

So while the leftists are whining about legal losses to offset taxes (all legally), they are not saying anything about the illegal actions of the Obama administration allowing his automobile company (that also richly rewarded the UAW as it illegally put them ahead of stock and share holders who had legal standing ahead of the UAW) to fail to pay $14 billion in taxes (and in leftist swine-speak, that means that is $14 billion in deficit spending and interest being paid by YOU into perpetuity).

So while it is CLAIMED that Government/Obama Motors is making a profit, it doesn't pay any taxes and this could happen for the next decade.

So, leftist pigs?!

Which is worse?

Or do you need a calculator!

If you want to point fingers, demand GM pay up.

 Flint, Michigan is a mess.

Fingers are being pointed from local to state officials and a Democrat administration has done shit to put money where their socialist asses have put the people of Flint.   With over $8 trillion being spent on everything but substantial infrastructure improvements, King Pimple acts like he's innocent.   Perhaps he needs to first get the lead out of his ass.

The problem is King Pimple made Flint the mess it is.

By forcing GM into bankruptcy and absolving it of almost any corporate responsibility when it was remade as China Motors.   You see, Flint was practically GM USA.   Or a shit hole.    Call it what you will.

We gave China Motors $49.5 billion of interest free, tax free money that was entirely financed by the money from Communist China.    At this point in the tally of how much this fiasco has cost us, the American Taxpayers were soaked for over $35 billion in unrecovered losses, loss credits, interest paid on the deficit spending, and administrative costs.    And this cost will only increase.

Perhaps many of you don't know this juicy fact - Flint, Michigan was a GM town - one of the largest employers and a rich history of being in Flint.    What is astonishing is that China Motors raised a virtual digital middle finger to the people of Flint and said "Fock you!   Your jobs are going to China and we are pulling out."

The tax base of Flint was devastated by China Motors' pull out of Flint - and all of this traces back to King Pimple forcing GM to go bankrupt and to accept Chinese money.    Over 70% of China Motors' production is now done overseas and Buick is going to import a Chinese small SUV - a finger stuck in the eyes of Flint's citizens because Buick used to build cars there.    And Cadillac will be importing Chinese garbage in the next several years.    Meanwhile the bailout that was supposed to create domestic jobs has done jack.     China Motors raped Flint.

With a rich history in Flint, GM bears a burden of corporate responsibility - sitting on $35 billion of our money, China Motors isn't lifting a damned finger to cover the $440 million it is estimated to make Flint's water safe for its children to drink.

We know the corporate murder tendencies of GM and China Motors.    Witch Barra, the cunt CEO of China Motors, oversaw a cover up of a cover up that had more buyers of GM products killed than Ford had with the Pinto in the 1970's (Rutgers study 1990).    So it is not surprising that with their hands bloodied with the lives of their buyers, that China Motors would turn their back on Flint and not do the corporate stewardship thing and do the right thing.

I'm not saying that China Motors is responsible for installing lead pipes, but they have ruined Flint by their actions after the bailout - and King Pimple is complicit by doing nothing - this is not a new revelation - and when you make yourself bigger than the law, you best be big enough to man up and to solve problems!   And when you blow smoke about you caring about global climate change, you best show that you are truly an environmental tyrant rather than a bloviating asshole who exploits the concepts of environmentalism to advance your politics and to advance your socialism and class warfare.

Imagine what great corporate goodwill China Motors would reap if they paid for the entire bill of making Flint's water safe - China Motors is sitting on money they never earned - and their silence right now shows they are nothing but disgusting, selfish, and worthless people - human debris of greed - corporate robber barons straight from hell.

So citizens of Flint - you want to point fingers?    Start demanding the company that raped you and who also polluted your city and left you high and dry to man up.     Until they do, we should all tell China Motors to fock themselves and never buy another product of theirs again!

From the Wall Street Journal - General Motors Co. said late Wednesday it knew of faulty ignition switches dating back as early as 2001—three years earlier than previously reported—and has yet to determine the full scope of the problem. Separately, the maker of the component at the heart of a 1.6 million-vehicle recall said it only costs a few dollars to produce and minutes to install, which may provoke questions from investigators about why the problem wasn't fixed years ago. Auto-parts maker Delphi Automotive DLPH -0.24% PLC told Wall Street analysts this week it expects to spend between $2 and $5 to produce a replacement ignition switch that can then be "swapped out" in a matter of minutes by mechanics at GM GM +0.97% dealerships. General Motors offers owners of the 1.6 million cars covered in the faulty ignition switch recall a $500 cash allowance to trade in, buy, or lease a new product. Jeff Bennett reports on the News Hub.  GM's failure to act more quickly to remedy a defect that is now linked to accidents in which 12 people have lost their lives over the past decade has landed the company and new Chief Executive Mary Barra at the center of three different investigations—including a criminal probe. In documents released by federal safety regulators Wednesday, GM released more details about the events that led to an initial Feb. 13 recall which was expanded almost two weeks later. At a Dec. 17, 2013, meeting and a follow-up meeting on Jan. 31, 2014, members of GM committees focused primarily on whether to recall only 2005-2007 Chevrolet Cobalt and Pontiac G5 cars. However, GM's latest disclosure says "backup" data prepared for the meetings outlined ignition problems in other models. In its new chronology, GM says officials last month gathered more data about other vehicles, and discovered a 2001 report that documented a problem with the ignition switch for a Saturn Ion assembled before the start of regular production of vehicles for sale. GM said another document from 2003 stated that a service technician observed an Ion stall while driving. In the 2003 incident, the owner "had several keys on the key ring" and the additional weight of the keys had "worn out the ignition switch," GM states in its chronology. The service technician replaced the switch and the report was closed, GM told regulators. GM went on to say there were other reports of complaints from customers not able to start their Ion engines. The auto maker didn't offer additional details. The latest GM statement also doesn't name individuals involved in key decisions, or those who served on the committees that deliberated whether to recall the vehicles. GM previously had said its employees learned of an incident in 2004 in which a Cobalt lost engine power after the ignition key was jarred out of the on position, disabling the car's air bags. The car was about to be launched at the time. GM employees replicated the problem in test drives, according to documents submitted to safety regulators by GM. An engineering inquiry was opened but later closed after determining it would take too long and cost too much to fix, according to GM. It wouldn't be until sometime during the 2007 model year of the Chevrolet Cobalt that the ignition switch was redesigned. But GM didn't recall the Cobalts or other cars with similar ignition locks until last month. The problem occurred when drivers would turn the key from the "off" position, through the "accessory" position to the "on" position. However, the switch's detent plunger and spring inside allowed the ignition switch to turn back to the "accessory" position when the key was either bumped or there was too much weight hanging from the key's head. Meanwhile, the auto maker made moves to reach out to customers saying it has authorized U.S. dealers to give any owner of a car covered in the recall, and unhappy with the vehicle, a $500 cash allowance to buy or lease a new GM product. The allowance is available through April 30 and can be used on a new 2013, 2014 or 2015 model year Chevrolet, Buick, GMC or Cadillac. "In keeping with our commitment to help customers involved in this recall, a special, $500 cash allowance is available to purchase or lease a new GM vehicle," spokesman Greg Martin said. "We have been very clear in our message to dealers that this allowance is not a sales tool and it is only to be used to help customers in need of assistance. Neither GM, nor its dealers will market or solicit owners using this allowance." The issue of the cost of the ignition switches and the delays in replacing them will likely be just one facet of the investigations under way. The U.S. attorney for the Southern District of New York has begun looking into the auto maker's handling of complaints about faulty ignition switches. The probe is at a preliminary stage. The House Energy and Commerce Committee also said it would investigate the case and hold hearings. Sen. Claire McCaskill, (D., Mo.), chairman of the subcommittee on consumer protection, announced Wednesday plans to hold a hearing in April concerning the GM recall.  "We have to get to the bottom of this," she said. "We need to find out who dropped the ball and put millions of Americans at risk." The auto maker is also facing an April 3 deadline in answering 107 questions posed by NHTSA concerning GM's timeline on the events leading to the recall. NHTSA is trying to decide if GM was noncompliant in the time it took to initiate the recall. Meanwhile, owners of the vehicles can't get their cars repaired until April, when GM plans to begin repairing switches in 2005-2007 Chevrolet Cobalt and Pontiac G5, the 2003-2007 Saturn Ion, the 2006-2007 Chevrolet HHR, the 2006-2007 Pontiac Solstice and the 2007 Saturn Sky. GM is taking steps to reassure consumers and regulators that it now is committed to addressing the problem. The auto maker earlier this week said Chicago attorney Anton Valukas, who served as the examiner of the downfall of Lehman Brothers Holdings Inc., will help lead an internal probe of the handling of the ignition-switch recall. Morningstar Inc. senior equity analyst David Whiston said the company is likely to shake off any short-term market-share loss. "The company may well lose sales in the short run because of constant negative headlines, but the impact to its reputation depends on how Ms. Barra and her team respond over the next few months," Mr. Whiston said in a research note. "We expect GM will continue to take responsibility and admit fault in how it handled the process." The not-for-profit Center for Auto Safety on Wednesday called on GM to establish a $1 billion victims fund and asked the auto maker to waive immunity it received under its 2009 bankruptcy restructuring from most lawsuits.

The News From Automotive News - WASHINGTON (Reuters) -- The Treasury Department said today it will begin another round of sales of the General Motors Co. stock it acquired during the government's bailout of the U.S. auto sector. The move follows a registration statement by GM last month making it easier for the Treasury to sell its remaining 241.7 million shares, or nearly 18 percent, of common stock of the No. 1 U.S. automaker. It also will bring GM a step closer to eliminating the stigma of its government ownership. GM executives have chafed under the tag of "Government Motors" since its 2009 government-sponsored bailout and bankruptcy that left the U.S. Treasury with 60.8 percent ownership of the Detroit automaker. After GM's November 2010 IPO, the Treasury's share of GM's common stock fell to 32 percent. Last week, GM came within 56 cents of its IPO price of $33 after it reported better-than-expected first-quarter earnings. "We are pleased with the progress to date and will continue exiting this investment in accordance with our previously announced plan and timetable, and in a manner that maximizes returns for taxpayers," Tim Massad, Treasury assistant secretary for financial stability, said in a statement. In December, the Treasury said it would fully exit its GM investments within the following 12 to 15 months, "subject to market conditions." But it gave no specific dates for the resumption of share offerings. Also in December, GM repurchased 200 million shares of its common stock from the Treasury. At the time, Treasury said the sale was for $5.5 billion. By the end of March, the U.S. government had recovered $30.4 billion of the $49.5 billion used to bail out GM under the Troubled Asset Relief Program, the TARP special paymaster said recently. It is unlikely that the taxpayers will be fully repaid for the TARP bailout as Treasury exits. Treasury officials have said the goal was not to turn a profit on owning GM shares, but rather to save U.S. jobs. Executives at GM have said that putting this issue behind them will improve the company's image and boost sales as they believe some consumers have held the bailout against them. GM today offered no fresh comment to the Treasury move. A spokesman said the company stood by the comments of CEO Dan Akerson from last December. Akerson at the time said Treasury's move to exit GM ownership "is an important step in bringing closure to the successful auto industry rescue," and "further removes the perception of government ownership." The automaker's shares were not much moved by the news. GM shares fell 27 cents to close at $31.83 today on the New York Stock Exchange. While Treasury now owns nearly 18 percent of GM shares of common stock, its ownership is about 16.4 percent of GM's diluted shares. Ford v. Government Motors Ford Motor Company saved itself the old fashioned way - it had enough foresight to borrow $23 billion and invested in new engines (ecoboost) and new products (entire lineup is new in five years since 2008).    This last quarter (Q1 2013), Ford had double the effective profit of Government Motors and did so on about 10% fewer units sold.   Leave it to Government to invest in the loser and still failed company. On balance Ford is more profitable, more efficient, has more modern powertrains and has more modern technology.   It has the best selling vehicle in the world (Ford Focus) and best selling vehicle in the United States for over 34 years (Ford F-Series).    Its latest hybrid, the Ford C-Max has outsold the Chevrolet Volt EVERY MONTH it has been on the market and sales continue to build. Ever since 2008, Ford has continually out-earned Government Motors - each and every quarter the company that saved itself has done BETTER than the company that the taxpayers were FORCED to save.   And a little know fact is that Ford, Honda, and Toyota had a plan to save ALL suppliers and the related jobs and GM refused to participate before they went bankrupt.    The very reason that was given to save GM was to save jobs and GM intentionally subverted a private option plan that would have saved the company without taxpayer dollars! The Reality This article gives you some of the information about the Government Motors deal, but it leaves out significant FACTS that should cause taxpaying Americans (50% of the population that actually pays income taxes) to want to scream bloody murder! According to CBSNews on April 10, 2013, for the American taxpayers to be made whole just on the $49.5 billion GIVEN to the failed automaker, GM, the remaining shares of stock now lingering like a pile of ripe dog crap would have to be sold for $75 dollars each. At the close of business today, Government Motors shares were selling for $31.83.    The American taxpayer is going to get soaked to the tune of $43.17 on each share. This same source also contradicts the Automotive News report about outstanding shares - CBS notes that 255 million shares are outstanding and that will be the figure that I report as FACT. The Stock Sale Soaking The American Taxpayer stands to lose $11,008,350,000 (that's $11 billion or nearly 25% of the initial investment) just on the stock sale.    But Wait!   There's More Bad News Since the ENTIRE GM bailout was deficit spending, the bailout cost us interest that we had to pay on the full balance and then the incremental balances thereafter.   And we will be paying interest on the unpaid $11 billion for eternity since it will never be paid off. Interest costs to carry the entire $49.5 billion in debt used to bailout GM for approximately 2 years was at best $1 billion per year.   Then there was a sell down in stock over several increments.   For the sake of ease in understanding, let's say that $500 million in the two successive years was accrued in interest.  But Wait!   Even More Bad News! The unethical and unprecedented bankruptcy proceedings that allowed Government Motors to take all of the un-used loss credits of a defunct company (without paying for them) means that Government Motors has $24 billion in losses to use to offset against future profits.   Since tax offsets mean lost revenue for taxpayers due to lower taxes paid, this will cost us $24 billion in taxes. More Insanity We have not even factored in administrative costs associated with creating the bailout plan.   We know that this government does nothing cheap so let's book $1 billion for related costs of forcing GM into bankruptcy. Net Screwing of the Taxpayer Losses from stock sales:  $11 billion Interest costs to date:  $3 billion Unlawful loss credits: $24 billion Administrative costs: $1 billion TOTAL COSTS TO DATE:  $39 billion Interest costs on all costs for the next decade at current rates of interest $7.8 billion TOTAL DECADE COST $46.8 billion We could stand to lose every penny we invested into Government Motors. We Saved Jobs? Please consider these FACTS.... $2 billion of the $49.5 billion of American Taxpayer dollars was diverted to Germany to prop up Opel - a division of GM in Europe. $5-7 billion has been diverted by Government Motors to expand production in CHINA! In June 2012, Government Motors Chairperson Dan Akerson says that 70% of Government Motors' production is done overseas! The only party in the GM bankruptcy that made money was the UAW who replaced stock and bond holders as the group to be paid first turning bankruptcy law on its head.   The UAW donates money to the Democrat National Committee who is the party in power in Washington.   Coincidence? And, even more shocking - GM went bankrupt - President Obama FORCED GM into bankruptcy to save the UAW donations - Mitt Romney advocated a controlled bankruptcy using private financing - Obama saved half of GM.   Pontiac, Saturn, and Saab were killed off and HUMMER was sold at a loss to the Chinese.    And we will be screwed for every penny of the $49.5 billion we invested in a company that under-performs EVERY year since!

From Detroit News The U.S. Treasury has begun selling the remainder of its 19 percent stake in General Motors Co. On Jan. 18, the Treasury filed a written trading plan to sell its remaining 300.1 million shares of stock in the Detroit automaker. It plans to exit completely by March 2014 and said it could immediately begin selling small numbers of shares on the open market. In a report to Congress, the Treasury said it had net proceeds of $156.4 million in January for the sale of GM stock during eight full trading days of the month. GM's stock price ranged between $27.61 and $29.16 during the period, meaning Treasury sold at least 5.4 million shares, depending on the prices it received. The Treasury has recovered $29 billion of its $49.5 billion bailout, according to the report. It swapped most of its bailout to GM awarded in 2008 and 2009 for a 61 percent majority stake in 2009. The government shed about half of its stake in GM's November 2010 initial public offering. When the government finally completely exits, GM will no longer be subject to the pay oversight of the Treasury. A House panel is set to hold a hearing Tuesday on executive pay at GM and other firms that received large bailouts. On a quarterly basis, the Treasury plans to disclose how many share of GM stock it has sold and will report monthly its proceeds from the sale. In December, the Treasury sold 200 million shares of its GM stock to the Detroit automaker for $5.5 billion, or $27.50 a share. In order to prevent hedge funds and other investors from taking advantage, the Treasury doesn't make the trading plan public. The plan places limits on how much stock can be sold at any given time and at what prices. Government officials also can provide the banks with direction on when they should sell additional shares. Last month, the Treasury named Citigroup Inc. and JPMorgan Chase & Co. to manage the sale. The banks will get a 1 cent per share commission — or $3 million — for the sale of the entire stake. The Treasury has said it "intends to sell its shares into the market in an orderly fashion and fully exit its remaining GM investment within the next 12-15 months, subject to market conditions." The government needs to get $72 per share for its remaining shares to break even on its $49.5 billion GM bailout.   It initially held a 61 percent stake before selling about half of its shares in GM's November 2010 IPO at $33 a share. COMMENT:   Note that the Treasury failed to sell the shares at $36 per share when it had a chance costing the taxpayers billions. At current prices, the Treasury would lose more than $12 billion on its GM bailout. Last week, the Treasury Department said its estimate of losses on the $85 billion auto bailout fell by 16 percent, or $4 billion, in large part because of a rebound in General Motors Co.'s stock price. The Obama administration said in a report to Congress that its projected auto losses fell to $20.3 billion, from its prior quarterly estimate of $24.3 billion. The Treasury in 2009 initially forecast it would lose $44 billion on its bailout of GM, Chrysler Group LLC and their finance arms. That forecast fell to $30 billion by the end of 2009 and fell as low as $14.3 billion in 2011. The Treasury still holds a 74 percent stake in Ally Financial, the Detroit-based auto finance firm, as part of a $17.2 billion bailout, but hopes to eventually break even. Ally is shedding its foreign operations as part of its efforts to repay taxpayers. --------------- COSTS NEVER MENTIONED IN THE BAILOUT Cost of interest to cover the GM bailout - all monies were derived from sale of debt which means we used deficit spending to come up with the funds to bail out GM - cost to date even at lowest rates of interest would be over $10 billion. Any outstanding money that is unpaid from GM bailout will forever cost the taxpayers money.  Current interest rates being around 1-1.5% are not expected to continue long.  The costs will continue to climb and the interest will be rolled over compounding the costs. GM stock price has been in steady decline since it peaked after the last GM stock sale.  As of this writing, GM is down to near historic low trading at $26.35 - lower than the price we sold the stock back in December and January. GM also received an unprecedented ability to take losses from the bankrupt and non-existant GM and can apply them to offset future profits - this is $14 billion in lost income to the US Treasury and hence is a cost of the bailout.   These lost revenues will be financed as deficit spending adding still more interest. With the $20 billion we will lose on the stock sale failures anyway, when you add the additional costs noted above, we will never see the original $49.50 billion.   Adding the interest and tax sham costs of $24 billion and growing, this will end up costing us well over that amount!

Your GM bailout dollars at work - Billions Disappear

I want to preface that I am a car nut just as much as I'm a peen who-ah.   So when there is news you need to learn that you won't hear elsewhere, I must post it.    To some of you, this will be like rubbing a puppy's nose in its shit, but it is what it is.   Despite promises to the contrary, we lost $3 billion bailing out Chrysler (not including the interest on the money we paid) and we'll get absolutely soaked by the Government Motors bailout.    Estimates have between $20-40 billion of taxpayer money disappearing that will never be paid back.

It should come as no surprise that I had no use for GM being bailed out - nor Chrysler.   I believe bad companies should be allowed to fail.   Yes, there is short term trauma to the economy as people are unemployed and investors lose their shirts.    The fact remains, however, that in the bailout investors still lost their shirts and the only people to profit off the deal were labor unions and the Democrat party which got a portion of the preserved union wages in the form of kickbacks, er, donations from union dues.

I just came across some interesting facts that should put to rest that the notion that bailing out GM was a good idea.    Two items below should stun you.

The first is about the real cost of the GM bailout and that our losses are approaching $35 billion (we "gave" GM $50 billion interest free plus allowed them somehow to take the losses from a defunct company to use to offset any profits in the new company - to the tune of $14 billion more).

The second item is a video deals with the fact that in 2012 70% of GM production is now overseas.   That means that AMERICAN taxpayers saved a company purportedly to save "American" jobs when our money was diverted for international expansion in production that created no net American jobs at all!    Re-hiring some workers that were unemployed due to the sales decline leading to the bailout is not a net increase in employment - it only mitigates the pre-bankruptcy losses!

Enjoy.   And just remember - you don't get interest free money like Government Motors got.    And also remember we are paying interest on this money every day in perpetuity because all of the money we gave Government Motors was borrowed money!   And since Government Motors has not paid off the money through stock sales and direct payment, we will forever pay interest on the bailout money and the interest paid (borrowed money again) in this criminal scheme.

Enjoy.....

Government Motors: GM Stock Hits New Low, Taxpayer Loss Hits $35 Billion

General Motors (GM) shares closed down 1.5% to 19.02 on Monday, hitting 18.85 intraday. That's the lowest since the U.S. auto giant came public again in November 2010 at 33 a share. Update: GM shares early Tuesday fell 1.4% to 18.76, hitting a new low.)

That raises the taxpayer loss on the GM bailout to just shy of $35 billion. Here's the math:

GM doesn't have to pay back anything else, but taxpayers are still out $26.4 billion in direct aid. The Treasury still owns 26.5% of GM — 500 million shares. The stock would have to rise to about 53 to break-even on that direct aid. At the current price, the Treasury's stake is worth just $9.51 billion. (Taxpayers lose $5 million for each penny that GM stock falls).

That would leave taxpayers out $16.9 billion. But the true cost is much higher.

Read more at Investors (of Investor's Business Daily association) here 

As of the writing of this blog entry, GM shares are trading even lower than noted in this article.  Within pennies of a record low that was set YESTERDAY.

And then the most infuriating and galling declaration from the Government Motors CEO...

Updated:  GM: Still $42B in the Hole
Taxpayers on the hook for billions despite Obama’s claims to the contrary

Despite President Barack Obama’s stories about a resurgent GM ready to repay its bailout tab, the automaker and its former bank still owe taxpayers nearly $42 billion, according to an inspector general’s report.

GM owes $27 billion on the nearly $50 billion it received from the auto bailout and Ally Bank, the company’s lending arm, owes $14.7 billion of the $17.2 billion taxpayer-funded bailout it received.

Obama has promoted the auto bailout as a success story, highlighting the manufacturing jobs it may have saved in swing states such as Ohio and Michigan.

“I refused to turn my back on a great industry and American workers. I bet on American workers. I bet on American manufacturing,” he said at a campaign rally in Oakland. “Three years later, the American auto industry has come roaring back.”

GM’s stock has plummeted in recent months after stagnant development in overseas markets. It hit a new low on Wednesday, falling to $18.80, a 52 percent drop from its January 2011 high of $38.90.

The rapid decline of the stock price has kept taxpayers on the hook for billions in unpaid bailout dollars. The stock would need to make a quick—and meteoric—turnaround for taxpayers to break even.

“In order to recoup its total investment in GM, Treasury will need to recover an additional $27 billion in proceeds. This translates to an average of $53.98 per share on its remaining common shares in New GM,” the IG report concluded.

Read more here.