The US government has said taxpayers have recovered over US$250bn from the Wall Street rescue with Tuesday’s delivery of proceeds from the General Motors (GM) initial public offering.

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The Treasury Department updated its recovery of Troubled Asset Relief Program funds with the formal announcement of the delivery of the $11.7bn in net proceeds from the GM IPO, Dow Jones said.

The carmaker launched the IPO last week, when the Treasury Department agreed to sell 358.5m of its common shares in GM.

The US put $49.5bn into GM last year and the funds, provided under TARP, are credited by government officials with saving the company from collapse and guiding it through a quick bankruptcy restructuring that ended in summer 2009.

With the GM proceeds, $252 billion in TARP funds have been returned to taxpayers, the Treasury said.

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