U.S. sells the last of its General Motors stocks

BY newsdesk  December 9, 2013 at 5:47 PM EST

Photo by Bill Pugliano/Getty Images

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.