ShootSpeeders
Gold Member
- May 13, 2012
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- #1
Obozo can't do anything right. Bailing out GM was both stupid and unconstitutional.
Feds sell final stake in GM | The Detroit News
DECEMBER 9, 2013 AT 7:07 PM
Dont call it Government Motors anymore.
The Obama administration ended the governments historic nearly five-year intervention in the U.S. auto sector Monday. U.S. Treasury Secretary Jack Lew said it had sold its final shares in the Detroit automaker, leaving taxpayers with a $10.5 billion loss on the $49.5 billion bailout.
The move means GM is finally free of government pay restrictions for top executives and can again pay dividends on its common stock.
GM chairman and CEO Dan Akerson, who learned Monday in a telephone call from a Treasury official overseeing the bailout that the government had exited the company, thanked Treasury officials. The U.S. Treasurys ownership exit closes just one chapter in GMs 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.