U.S. Treasury sells last share of GM stock, ends ‘Government Motors’ stigma
The Treasury today sold its last shares of General Motors stock, ending more than four years of government ownership in the nation’s largest automaker at a loss of about $10.5 billion to U.S. taxpayers. The government said in a statement that it recouped $39 billion of its original $49.5 billion investment into GM.
“We will always be grateful for the second chance extended to us and we are doing our best to make the most of it,” GM CEO Dan Akerson said in a statement.
“Continued investments, innovation, and job creation are just some of the ‘returns’ of a healthy GM and domestic auto industry. Our work continues uninterrupted, and we will keep our sights squarely on our customers and transforming the way we do business.”