US Government Sells Remaining Shares in GM

US Government Sells Remaining Shares in GM

The United States government has sold off its remaining stock in General Motors, revealing that the bailout of GM cost roughly $10 billion.

Earlier this year, the Treasury Department confirmed that it would sell off all its remaining GM shares before the end of 2013. In total, the Treasury said it recovered $39 billion of its original GM bail out, resulting in a loss of about $10 billion.

SEE ALSO: US to Sell All GM Shares by End of 2013

“The U.S. Treasury’s ownership exit closes just one chapter in GM’s ongoing turnaround story,” said GM Chairman and CEO Dan Akerson. “We will always be grateful for the second chance extended to us and we are doing our best to make the most of it.”

The initial bailout cost $49.5 billion. It is hard to quantify whether or not it was worth it considering all the jobs it saved and the fallout that could have occurred if GM didn’t receive the funding.

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  • smartacus

    coincidentally GM has a new CEO