Posted: Sep 10, 2013 7:36 PM by Michael Marsh
Updated: Sep 10, 2013 7:36 PM
Source: Associated Press
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.