US government sells rest of its General Motors stock; loses $10.5 billion on bailout

Source: Detroit News

General Motors is “Government Motors” no more — as the Obama administration ended the government’s historic nearly five-year intervention in the U.S. autosector.
U.S. Treasury Secretary Jack Lew said Monday the government today had sold its final shares in the Detroit automaker, leaving taxpayers with a $10 billion loss on the $49.5 billion bailout. The move means GM is free of government pay restrictions and can again pay dividends on its common stock.
GM chairman and CEO Dan Akerson is set to make a major speech in Washington on Dec. 16 to talk about the automaker’s investments in U.S. factories and job growth.
The Treasury said earlier this month that it was speeding up its GM exit and planned to complete its exit by Dec. 31. It said initially it planned to exit no later than the end of March.
Read More...