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Taxpayers about to be non-owners of GM

3 years 1 month 2 weeks ago September 10, 2013 Sep 10, 2013 Tuesday, September 10 2013 September 10, 2013 6:36 PM in News
Source: Associated Press
By: Michael Marsh

DETROIT- Taxpayers are about to be non-shareholders in General Motors as the government is poised to sell all of its GM stock. The Treasury Department told Congress it sold $811 million worth of GM common stock last month and the government has recovered about $35.4 billion of the $49.5 billion it gave to the company for a bailout. That leaves taxpayers in a $14.1 billion dollar hole. GM nearly ran out of money in the crash of 2008 and needed government cash to survive going through bankruptcy reorganization. GM has posted 14 straight profitable quarters as the auto industry made a comeback from the recession.

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