The U.S. Government Sells Remainder of its Shares in GM
After rescuing General Motors in 2009, the U.S. government has sold the remaining shares it held in the Detroit manufacturer.
After it’s all said and done, the American Federal government will show a net loss of around $ 10 billion. Initially, the Treasury Department had to pony up about $49.5 billion to prevent GM from going bankrupt.
It was still a wise decision that helped protect more than one million manufacturing jobs at both Chrysler and GM.
GM’s (now former) CEO Dan Atkerson said he is very grateful for this second chance was given to his company, and reiterates that everything was done to make the most of this precious help.