QUICK LINKS:

Government sells remaining stake in GM

Created: 12/10/2013 2:55 AM WHEC.com

The U.S. government no longer owns part of General Motors.
    
Treasury Secretary Jacob Lew says the government sold its remaining shares in the automaker on Tuesday.
    
The government lost $10.5 billion on its bailout of GM. But Lew says the rescue was necessary to save 1 million jobs and stop the American auto industry from collapsing.
    
The government got 912 million GM shares, or 60.8% of the company, in exchange for a $49.5 billion bailout during the financial crisis in 2008 and 2009. It recovered $39 billion of the money.



Rochester

Broken Clouds
51°
60° | 36°
  • Feels like: 51° F
  • Wind: NNW 10mph
  • Humidity: 52%
  • Sat Times of sun and clouds
    51° | 39°
  • Sun Mostly sunny
    65° | 32°
  • Mon Considerable cloudiness
    69° | 41°
  • Tue Showers
    60° | 48°