US Government Sells Final GM Stock, Loses $10 Billion

The Treasury Department has sold off the last of its remaining shares in General Motors, recovering only $39 billion of the $49.6 billion it spent to save the Detroit manufacturer in 2009, costing taxpayers a hefty $10.5 billion, CNBC reports.
GM ownership December 2013 1 photo
Photo: General Motors
The Canadian government still owns 7.2 percent of General Motors, while UAW retains its 9.2 percent share. Following the final sale, GM stock closed at $40.90, a new all-time high since the automaker went public in 2010.

In a statement released earlier today, GM CEO Dan Akerson said “we will always be grateful for the second chance extended to us and we are doing our best to make the most of it. Today is not dramatically different from the hundreds of preceding days which we have worked to make GM a company our country can be proud of again.”

“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,” he added.
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About the author: Ciprian Florea
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Ask Ciprian about cars and he'll reveal an obsession with classics and an annoyance with modern design cues. Read his articles and you'll understand why his ideal SUV is the 1969 Chevrolet K5 Blazer.
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