Thread: U.S. Sells Remaining Stake in General Motors

DECEMBER 9, 2013, 4:37 PM

U.S. Sells Remaining Stake in General Motors

BY ANNIE LOWREY

Rebecca Cook/Reuters

General Motors assembly workers work on a Cadillac at a plant in Lansing, Mich.

WASHINGTON — The Treasury Department announced on Monday that the government had sold its remaining shares of General Motors stock.

Taxpayers recouped about $39 billion on the investment, the Treasury Department said, having spent about $50 billion bailing out the automaker.

All in all, the taxpayer has ended up in the black on the crisis-related bailouts, the Treasury said; it has recovered $433 billion from the Troubled Asset Relief Program after initially investing about $422 billion.

“The president’s leadership in responding to the financial crisis helped stabilize the auto industry and prevent another Great Depression,” Treasury Secretary Jacob J. Lew said in a statement.

“With the final sale of G.M. stock, this important chapter in our nation’s history is now closed.”

The Obama administration has said that it could not have let the Detroit automakers fail during the worst downturn since the Great Depression and that the costs of the public investment outweighed the risks of letting the firms collapse.

http://dealbook.nytimes.com/2013/12/...ke-in-gm/?_r=0

Report: GM bailout saved 1.2 million jobs

USA TODAY

- ‎7 minutes ago‎

News of the government's sale of all remaining shares of General Motors followed the release earlier today of a report from a respected industry researcher that the federal bailout and bankruptcy restructuring of GM saved 1.2 million jobs and preserved $34.9 ...