Government sells remaining stake in General Motors, loses $10.5 billion on company bailout - InfoNews

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Government sells remaining stake in General Motors, loses $10.5 billion on company bailout

FILE - In this Thursday, Jan. 10, 2013 file photo, the logo for General Motors decorates the entrance to a former UPS facility as GM announced plans to open an information technology center in the building, in Roswell, Ga. The U.S. government ended up losing $10.5 billion on its bailout of General Motors, but still says Monday, Dec. 9, 2013 that the alternative would have been much worse. (AP Photo/David Goldman, File)
December 09, 2013 - 1:38 PM

DETROIT - 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 per cent 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.

News from © The Associated Press, 2013
The Associated Press

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