jtemplate.ru - free extensions for joomla
Thursday, 21 November 2013 09:35

Gov't expects to finish GM stock sale by year end

 DETROIT (AP) - The U.S. government expects to sell its remaining General Motors stock by the end of the year. The Treasury Department says in a statement Thursday that it still owns 31.1 million shares of the auto giant. It has recovered $38.4 billion of the $49.5 billion it spent bailing out the company. At Wednesday's closing price of $37.69, the treasury would get an additional $1.2 billion. That means taxpayers will lose roughly $10 billion on the bailout. The government says the bailout was needed five years ago to save the American auto industry and more than a million jobs. The government got 912 million shares, or a 61 percent stake in GM, in exchange for the bailout. Treasury gradually has sold off its stake since a November 2010 initial public offering.