Newsdeck

US exits GM stake: taxpayers lose about $10 Billion

By Reuters 10 December 2013

The US. government sold its last shares of General Motors Co on Monday, leaving taxpayers saddled with a total shortfall of about $10 billion on the automaker's 2009 bailout.

“With the final sale of GM stock, this important chapter in our nation’s history is now closed,” Treasury Secretary Jack Lew said.

Washington came to the rescue of the U.S. auto industry during the darkest days of the country’s 2007-09 financial crisis.

The government’s exit could benefit GM in several respects. The company has carried a certain stigma since taking $49.5 billion in government money four years ago.

“They can finally put ‘Government Motors’ in the rear view mirror, and that’s an important step for consumers and for the company,” said Matthew Stover, an auto analyst at Guggenheim Securities.

Photo: The sign at a General Motors Chevrolet dealer is pictured in Golden, Colorado (REUTERS/Rick Wilking)

Gallery

While we have your attention...

An increasingly rare commodity, quality independent journalism costs money - though not nearly as much as its absence.

Every article, every day, is our contribution to Defending Truth in South Africa. If you would like to join us on this mission, you could do much worse than support Daily Maverick's quest by becoming a Maverick Insider.

Click here to become a Maverick Insider and get a closer look at the Truth.


The Interview

Patricia de Lille: ‘I’d give myself 8/10 as Mayor of Cape Town’

By Rebecca Davis

JK Rowling is no longer a billionaire due to the amount of money she has donated to charity.