U.S. sells rest of GM stock
The federal government closed the books on the taxpayer bailout of General Motors Co., selling the remaining shares in the nation's largest automaker and taking an expected $10.5-billion loss.
The Treasury Department said Monday that it recovered $39 billion from GM in stock gains and interest from the $49.5-billion rescue, which many experts believe helped keep the industry from collapsing during the depths of the Great Recession. Obama administration officials have said since the 2008-09 bailout that they did not expect to recover all of the money pumped into GM and that the cost of the rescue was not just about the bottom line.
The Treasury Department said Monday that it recovered $39 billion from GM in stock gains and interest from the $49.5-billion rescue, which many experts believe helped keep the industry from collapsing during the depths of the Great Recession. Obama administration officials have said since the 2008-09 bailout that they did not expect to recover all of the money pumped into GM and that the cost of the rescue was not just about the bottom line.
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