Dear Care for Crash Victims Community Members:
“U.S. taxpayers are taking a bigger loss on the General Motors bailout package than $10.3 billion originally reported. Due to an accounting error, the loss is actually $11.2 billion, according to a report released today.
The Treasury Department reported an $826-million administrative claim had been written off on March 20. However, the claim, which has not been revealed, cannot be written off….”
“Others suggest that GM should repay the losses, but that notion was dismissed by then-CEO Dan Akerson, who told an audience at the National Press Club last December that the government took a risk like any other investor – including those wiped out when GM filed for Chapter 11 protection.”
Source: http://www.thedetroitbureau.com/2014/04/taxpayers-taking-bigger-hit-on-gm-bailout/ and http://www.reuters.com/article/2014/04/30/us-autos-gm-treasury-idUSBREA3T0MR20140430
Oh well, former GM CEO Dan Akerson says the taxpayers took a risk just like any other investor. And $826 million compares with about 90 lives lost when valued at $9.2 million per statistical life in accordance with DOT policy. See attached DOT policy.
$9 million happens also to be the amount GM paid Dan Akerson in 2013. One DOT life’s worth = 1 year of GM CEO income. See https://www.cnbc.com/2014/04/25/gm-awarded-former-ceo-akerson-about-9m-in-2013.html
NHTSA has data on how many lives are lost each year in GM crashes but does not publish such figures.
We can do better than this, but it may take additional tragedies before we do.
Associated Documents:
