US to Sell All GM Shares by End of 2013
The U.S. Treasury Department plans on selling its remaining shares of General Motors by the the end of the year.
That means there will be about a $10 billion loss on the $49.5-billion investment to taxpayers, but at least GM is alive and well, saving jobs and making vehicles that are selling at a profit. Of course, with the Treasury planning to sell off its remaining shares this year, it will free GM of the stigma of being bailed out and will be able to focus on retaining and attracting talented workers, while investing into its production to make better vehicles for the general public.
SEE ALSO: GM Bailout Cost U.S. Government $9.7 Billion
Naturally there’s no real way to quantify if the bailout was worth it, considering the fallout that could have happened if GM had failed. Currently, the government holds on to 31.1 million shares that it intends to sell on a gradual basis on the open market. The government confirmed that it had recouped $38.4 billion from its bailout of GM as of this morning.
“While the U.S. Treasury’s equity stake draws to a close, our work to transform GM continues,” GM said in a statement. “We’re making great progress in our efforts to make the most of this second chance by building outstanding cars and trucks, creating jobs and reinvesting in our country.”
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Jason Siu began his career in automotive journalism in 2003 with Modified Magazine, a property previously held by VerticalScope. As the West Coast Editor, he played a pivotal role while also extending his expertise to Modified Luxury & Exotics and Modified Mustangs. Beyond his editorial work, Jason authored two notable Cartech books. His tenure at AutoGuide.com saw him immersed in the daily news cycle, yet his passion for hands-on evaluation led him to focus on testing and product reviews, offering well-rounded recommendations to AutoGuide readers. Currently, as the Content Director for VerticalScope, Jason spearheads the content strategy for an array of online publications, a role that has him at the helm of ensuring quality and consistency across the board.
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