The U.S. Treasury has announced today that the government no longer owns any GM stock, and has sold all remaining shares before the end of the year, as promised. “Government Motors,” is no longer applicable.
In total, Uncle Sam lost about $10.5 billion bailing out GM, though has profited on bailouts, such as TARP, by an estimated $10 billion overall. A recent study also revealed that keeping GM alive has saved an estimated 1.2 million jobs that would have otherwise dissolved.
Meanwhile, GM CEO Dan Akerson has stated the following:
“The U.S. Treasury’s ownership exit closes just one chapter in GM’s ongoing turnaround story. 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 during 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.”
GM stock rose 2% to close at $40.90 today.