Factbox: Taxpayers in deep water on GM investment

Taxpayer looting and raping continues for GM's benefit

Factbox: Taxpayers in deep water on GM investment

(Reuters) - General Motors Co may have the world's biggest initial public offering, but U.S. taxpayers were more than $9 billion underwater on the government-funded restructuring at its current share price on Thursday.

A breakdown of the paper loss follows.

• The U.S. Treasury loaned GM about .86 billion from late 2008 through 2009 to restructure the company and finance its move through bankruptcy and beyond.

• Before accounting for the Treasury proceeds from the IPO, GM had repaid about .74 billion to the government. Those repayments included unused loans, the purchase of Treasury preferred shares, and dividends and interest. That left taxpayers owed a little more than .1 billion.

• Including overallotments, Treasury will recover more than .6 billion by selling 412.3 million common shares, leaving taxpayers owed about .5 billion. Treasury would need to sell its remaining 500.1 million share-stake at an average price of about for taxpayers to be repaid.

• With GM shares trading at .50 Thursday afternoon on the New York Stock Exchange, taxpayers were facing an .50 per-share deficit on their remaining stake, or about .25 billion.

SOURCES: Treasury public reports, GM SEC filings