U.S. sells the last of its General Motors stocks
The United States sold the last shares of its General Motors stocks, nearly five years after bailing out the Detroit automaker from near-liquidation to the tune of around $49.5 billion.
The bailout program, which began under George W. Bush’s presidency and was continued by President Barack Obama, saw the U.S. government take an ownership stake in G.M. The government lost a reported $10.5 billion on the bailout.
Despite the loss, The Center for Automotive Research released a new study that says bailing out General Motors and competitor Chrysler saved approximately 2.631 million jobs in 2009 and 1.519 million jobs in 2010 to avoid the loss of “$105 billion in lost taxes and other payments,” the Detroit-Free Press reports.