Government sells remaining stake in GM

Government sells remaining stake in GM

Government sells remaining stake in GM

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by Associated Press

WHAS11.com

Posted on December 9, 2013 at 5:48 PM

   DETROIT (AP) -- The U.S. government no longer owns part of General Motors.
 
   Treasury Secretary Jacob Lew says the government sold its remaining shares in the automaker on Tuesday.
 
   The government lost $10.5 billion on its bailout of GM. But Lew says the rescue was necessary to save 1 million jobs and stop the American auto industry from collapsing.
 
   The government got 912 million GM shares, or 60.8 percent of the company, in exchange for a $49.5 billion bailout during the financial crisis in 2008 and 2009. It recovered $39 billion of the money.
 

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