Government sells remaining stake in GM - FOX 35 News Orlando

Government sells remaining stake in GM

Posted: Updated:

DETROIT (AP) - 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 percent 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.

  • Local NewsLocal NewsMore>>

  • VP Joe Biden speaks in Detroit on Labor Day

    VP Joe Biden speaks in Detroit on Labor Day

    Monday, September 1 2014 1:18 PM EDT2014-09-01 17:18:46 GMT
    This is the second time vice president Joe Biden has been in Detroit on Labor Day in the past three years.
    This is the second time vice president Joe Biden has been in Detroit on Labor Day in the past three years.
  • RECALL: Kraft American Singles Cheese Slices

    RECALL: Kraft American Singles Cheese Slices

    Monday, September 1 2014 8:05 AM EDT2014-09-01 12:05:15 GMT
    Kraft voluntarily recalled 7,691 cases of its American Singles cheese product Friday because an ingredient was stored improperly by a supplier.
    Kraft voluntarily recalled 7,691 cases of its American Singles cheese product Friday because an ingredient was stored improperly by a supplier.
  • Minimum wage hike launches this Labor Day

    Minimum wage hike launches this Labor Day

    Monday, September 1 2014 7:30 AM EDT2014-09-01 11:30:54 GMT
    Minimum wage workers across metro Detroit and the rest of the state are getting a small raise this Labor Day.
    Minimum wage workers across metro Detroit and the rest of the state are getting a small raise this Labor Day.
  • Download the FOX 2 Apps


  • FOX 2 News Five-Day Forecast
Powered by WorldNow

35 Skyline Drive
Lake Mary, FL 32746

Phone: (407) 644-3535
News Tips: (866) 55-FOX35

Didn't find what you were looking for?
All content © Copyright 2000 - 2014 Fox Television Stations, Inc. and Worldnow. All Rights Reserved.
Privacy Policy | New Terms of Service What's new | Ad Choices